A six-bed Signature villa on the Palm Jumeirah will be among the 11 freehold properties in Dubai to go under the hammer in this year’s last two public auctions.
The base price for the 1243.78 square metre villa is set at Dh19 million. The auction will be on December 19.
Property agents say prices for similar villas currently range between Dh22 and Dh25 million. Property prices, particularly of the villas, on the man-made island have gone up significantly this year. CB Richard Ellis, a global real estate consultancy, said last week that Garden Villas prices on the Palm Jumeirah had risen by 22 per cent in the last one year.
Other properties being auctioned on the same day are: 101.1 sqm apartment in Bahar 01 building, Dubai Marina (Jumeirah Beach Residence), for Dh850,000; 151.91 sqm apartment in Shams 04, Dubai Marina (Jumeirah Beach Residence), for Dh1.3 million; 192.88 sqm apartment in The Zen Tower, Dubai Marina for Dh 1.76 million; 101.7 sqm apartment in Al Dhafrah 3, Al Thannyah Third, for Dh1 million and 76.74 sqm apartment in Reehan 1, Al Thannyah Third, for Dh700,000. (All are reserve prices)
On December 26, five properties will go under the hammer. The first will be a 91.51 sqm apartment in South Ridge 4, Burj Khalifa district. The reserve price set for the property is Dh800,000.
The second property will be a 155.98 sqm apartment in Green Lakes S2 in Al Thannyah Fifth (Jumeirah Lakes Tower), with a reserve price Dh1.1 million; while a 82.50 sqm apartment in Al Tajer 2, Al Thannyah Third (Old Town), will go under hammer, starting Dh1.2 million.
The fourth property is a 131.74 sqm apartment in Mosela 1 building, Al Thannyah Third (The Greens) with a base price of Dh1 million. Bidding for the 156.93 sqm office unit in Mazaya Business Avenue BB2 building, in Al Thannyah Fifth (Jumeirah Lakes Tower), will start from Dh844,590.
Recovery in the market sentiment has led to increase in sales this year with the Dubai Land Department stating property sales reaching Dh83 billion in the first nine months of 2012.
In April, Humaid Omran Al Shamsi, Section Head, Auctions Section, Dubai Land Department (DLD) told ‘Emirates24|7’ the department plans to auction for 80 properties in 2012.
The DLD had auctioned 35 freehold and non-freehold properties in 2011 of which nine properties were unsold.
Jones Lang LaSalle, in its Global Market Perspective Fourth Quarter 2012 report, said the residential market in Dubai continues to experience higher levels of sales activity and the prime market is now considered to have bottomed out.
“Rentals have started to recover, with uplifts of seven per cent for villas and five per cent for apartments (year-on-year),” the global consultancy had said.