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Auction of Repossessed Properties in Dubai

Having recently relocated to Dubai you are probably renting property but are now feeling more settled and maybe looking to purchase a property.  To buy property you can go down the normal route of contacting a real estate agent or how about going to auction?  The sale of repossessed properties is finally underway in Dubai with the Land Department staging three auctions last week with 19 properties for sale.  The auction was well attended and bidding was brisk resulting in  properties selling above their reserve prices.

Since the economic downturn hundreds of properties in the Emirate are in the foreclosure process however they have been slow to come to auction.  These auctions are controlled by the Land Department which was very cautious about flooding the market with low cost properties when property prices had already dropped by 50%  and so set the reserve prices  too high but now the prices are more realistic making them attractive to buyers.

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