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Feb 03 2013

Dubai Land Department stops public auctions of foreclosed properties

By Parag Deulgaonkar Dubai Land Department stops public auctions of foreclosed properties

However, will sell Palm plots, apartments in Dubai Marina, SZR in a private auction this month
The Dubai Land Department ( DLD ) will no longer be holding auctions for foreclosed properties, but will sell properties for developers and units owners through private auctions, according to senior government official.

"We will no longer be selling any foreclosed properties. We have stopped that service.

"However, we will still sell properties for developers or unit owners through our 'Mazad', or auction facility," Humaid Omran Al Shamsi, Section Head, Auctions Section, DLD , told Emirates 24/7.

In the past two years, Dubai has auctioned over 80 foreclosed properties.

In 2011, 35 properties were auctioned, while 2012 saw over 45 properties going under the hammer. Most of the properties were fetched on average between 15 and 40 per cent over their base prices.

A penthouse in ultra-luxury Le Reve tower in Dubai Marina, which went under the hammer in an auction last year, was the costliest property to be sold in Dubai.

It was bought for Dh34.7 million, fetching almost four times over the listed price.

First freehold private auction of 2013

The first freehold private auction of 2013 will be held on February 4 and will have four offices, three apartments and two plots of land.

The four offices are located in Ontario Tower in Business Bay.

Two offices have reserve prices of Dh1 million each, while the two other have base price of Dh1.5 million each.

A three-bed duplex in World Trade Centre Residence on Sheikh Zayed Road (SZR) will go under the hammer at a base price of Dh3.57 million.

An apartment in Dorra Bay in Dubai Marina is listed for Dh1.6 million, while a three-bed unit in The Address Dubai Marina will be auctioned with a reserve price of Dh3.5 million.

Two plots on the Palm Jumeirah will also be auctioned and have a base price of Dh13.187 million each.

© Emirates 24|7 2013

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