A six-bed Signature Villa along the Palm Jumeirah will be open to public auction, along with the 11 other freehold properties that are up for auction this year.
The base price of the villa, spanning 1243.78 square metre villa is Dh.19mn. The auction will be held on 19th December.
According to real estate agents, the prices for similar villas are in the range of Dh.22 to Dh.25 million at present. The property prices, particularly of the villas on the man-made island, have gone up considerably this year.
Leading global real estate consultancy, CB Richard Ellis, said that Garden Villas prices have grown by 22 percent in the past one year.
The other real estate properties being auctioned on the same day are 101.1 sqm apartment in Bahar 01 building at Dubai Marina (JBR) for Dh.850,000, 151.91 sqm apartment in Shams 04 at Dubai Marina (JBR) for Dh.1.3mn, 192.88 sqm apartment in The Zen Tower at Dubai Marina for Dh.1.76mn, 101.7 sqm apartment in Al Dhafrah 3 at Al Thannyah Third for Dh.1mn and 76.74 sqm apartment in Reehan 1 at Al Thannyah Third for Dh.700,000. On 26th December, five of these properties will go under the hammer.
The recovery in market sentiment has led to increased sales this year, with DLD having said that real estate sales have touched Dh.83bn over the first nine months of 2012.
The Section Head, Auctions Section at DLD, Humaid Omran Al Shamsi, said that the department plans to auction 80 properties in 2012. Already the department has auctioned 35 freehold and non-freehold properties in 2011, of which, nine were unsold, said Jones Lang LaSalle (JLL), in its latest report this year.
The Residential market in Dubai continues to see high levels of sales activity and the prime market is considered to have bottomed out. The rentals have begun to recover, with uplifts noticed in seven percent for villas, and five percent for apartments, year-on-year, the global consultancy said.