The Dubai Land Department (DLD) will no longer hold public auctions for foreclosed properties, but, will sell properties for developers and unit owners through private auctions, a senior government official announced.
Explaining further, the Section Head – Auctions, DLD, Humaid Omran Al Shamsi, said that over the past two years, Dubai has auctioned over 80 foreclosed properties.
In 2011, 35 properties have been auctioned, while in 2012, more than 45 properties have gone under the hammer. Majority of these properties were sold at 15 to 40 percent more than their base prices.
A penthouse in ultra-luxury Le Reve tower in Dubai Marina, which was sold under auction last year, was the costliest property to be sold in Dubai. It was bought for Dh.34.7mn, which was more than four times the listed price.
The first freehold private auction this year, will be held on 4th February, and will include four offices, three apartments and two land plots.
The four offices are located in the Ontario Tower in Business Bay. Two offices have reserve price of Dh.1million each, while the other two have base price of Dh.1.5million each.
A three bedroom duplex in World Trade Centre Residence on Sheikh Zayed Road will go at a base price of Dh.3.57million. An apartment in Dorra Bay, Dubai Marina will be listed for Dh.1.6mn, while a three bedroom apartment unit in The Address, Dubai Marina, will be auctioned with a reserve price of Dh.3.5mn. Two plots on the Palm Jumeirah will also be auctioned and have a base price of Dh.13.187 mn each.