The first public auction of four foreclosed properties, involving two apartments, and two villas, have been announced in Dubai.
The villas are in the Springs Community, while the apartments are in Dubai Marina and Jumeirah Beach Residence (JBR) respectively.
The triple bedroom Springs Villa has been listed at a reserve price of Dh.2mn, while the double bed villa has been announced a selling base price of Dh.1.25mn, by the Dubai Land Department (DLD).
The reserve price of single bedroom apartment in Al Sahab 1 building in Dubai Marina is Dh.1mn, while the triple bedroom apartment in Rimal 4, JBR, is worth Dh.1.6mn.
Further, real estate agents and online property websites have listed similar villas in Springs 3 for Dh.2mn to Dh.2.15mn, while Springs 7 units are available at Dh.1.05 to Dh.1.2mn. Single bedroom units at Al Sahab 1 are priced Dh.1.05 to Dh.1.1mn, while three bedroom Rimal 4 apartments are available at Dh.1.85 to Dh.1.9mn.
While all these have been reserved for the auction on 19th March, the next round of auction will follow on 21st March 2012, with two single bedroom apartments in South Ridge 1, and Downtown Burj. The reserve prices for the two properties are Dh.900,000 and Dh.800,000 respectively.
A single bedroom apartment for Dh.600,000 in the Greens, will also be under auction. The asking price for South Ridge 1 apartments are Dh.1.05mn to Dh.1.20mn, while a similar Greens apartment will be priced at Dh.700,000.
Barclays Plc was the first bank to have successfully closed a property sale at a public auction in May 2011.