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Dubai's luxury homes fail to generate sales at the auction - LahoreEstate - 06-01-2009 05:59 AM
Four multi-million dirham properties in Dubai, which were recently completed, failed to sell, which further indicates that UAE's appetite for new homes is still struggling.
The auction on Tuesday night saw only nine people come forward for registration of three villas in Arabian Ranches, a penthouse in Jumeirah Beach Residence. Of these, only three actually entered bids, and these failed to meet the reserve prices of properties.
The first public auction at the Al Murooj Rotana Hotel for Madania Real Estate attracted a crowd of more than 100. However, most of the crowd gathered mainly to gauge the market condition, rather than to invest.
The Chief Executive of Madania, Raymond Kuceli, said the gap between the expectations of buyers and sellers was huge, but the future looks positive.
The investors are of the opinion that the property being sold at an auction is a distress sale, but the actual reason for such an auction is that they require a price that is more in line with their needs.
Developers are trying to gather information about people who registered for auction, but, it will now be used to try and generate sale privately. Although, Dubai market has seen property auctions even before, they have never been the market trend.
http://www.estatesdubai.com/