Saturday, May 16, 2009

Sherwoods announces property auction on 4th June '09

Sherwoods, the leading Property Consultancy, will hold its first public sale, comprising more than 50 properties on 4th June 2009, aiming to create a platform to trigger transactions.

The Managing Director of the Company, Iseeb Rehman, said that transactions would continue irrespective of the price, as long as the buyer and the seller are willing.

This will bring some mobility to the market, and also help in creating a transparent, fast transaction process that would seem attractive to buyers, he added.

The properties on the go, include villas, apartments, plots, offices and retail space. The auction will happen during the Worldwide Property Show, due to take plae next month. Sherwoods will also hold a charity auction, and the proceeds will go to the Dubai Special Needs Center. A reserve price will be kept for all properties, and this will be in tune with the present market levels.

Property auctions are the latest hit in Dubai property sector. During the recent weeks, both sales and rentals have eased in Dubai, with several tenants upgrading their property, and many still seeking to purchase and take advantage of lower prices. If the rents in Dubai continue to remain low enough, to compete with the global market, the companies are more likely to consider Dubai as the right place to relocate their staff.

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