One Residential Unit in Dorra Bay Tower sold out during the first private auction held by DLD

27/02/2013

A few days ago, the Dubai Land Department (DLD) held its first private property auction that involved a total of 9 properties which were under the aforementioned auction. However, based on the report, only one of them was sold out. It was a 980-square ft residential unit in a Dorra Bay Tower which is located in Dubai Marina. It was indeed purchased at the listed price of AED1.6 million by an anonymous property bidder.

Moreover, the following properties listed for such auction are as follows: two residential apartments that have a price tag of AED3 million each; four commercial units in Ontario Tower located in the Business Bay District that have a reserved price of AED1 million each for the first two units and AED1.5 million each for the remaining ones; two land plots located on Palm Jumeirah and listed for AED13.187 million each; and lastly the above-mentioned only sold property during the auctioned day.

According to property agents, they expected that all of those properties would be sold out. Unfortunately, there was only one apartment that was purchased by an interested bidder. For this reason, the DLD has decided that it will no longer be holding real estate auctions for foreclosed properties in particular; but rather it will only sell properties for both developers and unit owners through private auctions instead.

Consequently, in August 2012, as a Local Real Estate Consultancy Company, the Asteco Property Management has unveiled its new concept to re-introduce the so-called ‘Online Property Auction’ in the UAE to be in tandem with LFC International Real Estate Brokerage which is an International Property Auction-Marketing Company.

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