Last Dubai property auction sees apartments sell at almost double the reserve price

Two foreclosed apartments in Downtown Dubai sold at 78% and 52% higher than the base prices

Two foreclosed apartments in Downtown Dubai were sold at 78 per cent and 52 per cent higher than the base prices at Dubai Land Department’s last public auction of 2012.

The South Ridge 4 apartment (91.51 square metres) was sold for Dh1.42 million against the reserve price of Dh800,000. Last Thursday, Emirates 24/7 reported that an apartment in Reehan 1, Downtown Dubai, was bought for almost double the base price at Dh1.39 million.

The 82.50 sqm apartment in Al Tajer 2, Al Thannyah Third (Downtown Dubai) was sold for Dh1.82 million, 52 per cent higher than the reserve price of Dh1.2 million.

The 155.98 sqm apartment in Green Lakes S2 in Al Thannyah Fifth, (Jumeirah Lakes Tower), was purchased for Dh1.68 million, 52 per cent higher than the reserve price of Dh1.1 million.

Bidding for 131.74 sqm apartment in Mosela 1 building, Al Thannyah Third (The Greens) started at Dh1 million. The unit was finally sold at Dh1.57 million, 57 per cent higher than the base price.

A commercial unit in Mazaya Business Avenue BB2 building in Al Thannyah Fifth (Jumeirah Lakes Tower) remained unsold. The base price for it was set at Dh844,590.

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