Palm Jumeirah foreclosed flat sells for Dh11.58 million

A foreclosed luxury apartment on Palm Jumeirah’s Marina Residence has been sold for Dh11.58 million at last month’s Dubai Land Department’s (DLD) public auction, 'Emirates24|7' can reveal.

The 13,095 square feet apartment in Marina Residence 2 fetched 36 per cent more than the reserve price, which was set at Dh8.5 million.

In May 2012, 16 freehold properties were auctioned out of which 13 properties were sold at prices 14 per cent to 40 per cent more than the bid price.

A 1,835 square feet apartment in Shams Tower 4 in Jumeirah Beach Residence was sold for Dh1.52 million. The reserve price was set at Dh1.3 million.

An apartment in Marina Heights, 1,721 square feet, was sold for Dh1.63 million, 17 per cent higher than the reserve price of Dh1.4 million.

A Fairway West apartment (913 square feet) was purchased for Dh960,000, 37 per more than the reserve of Dh700,000.

A 815 square feet apartment in Al Ghozlan 3, Al Thanyah 3, Greens, went for Dh750,000 against the reserve price of Dh650,000, while a 1,102 square feet unit in Arno Building, Greens, was purchased for Dh1.05 million (reserve price: Dh770,000).

A South Ridge 2, Downtown Dubai, apartment (1,129 square feet) with a bid price of Dh1 was sold for DhDh1.22 million.

In April, four of the five villas in the Springs community put up for auction were sold, with two villas fetching between 33 and 40 per cent more than their bid price. In March, five out of the seven auctioned properties were sold. In 2011, 26 properties were sold through auction.

Emirates 24/7 first reported that the DLD would be auctioning a total of nearly 80 properties in 2012.

In 2011, the department had auctioned only 35 freehold and non-freehold properties. Only nine properties were not sold. The department, Shamsi said, is able to auction a property in three weeks time, provided they have complete information about the property.

“In most of the cases, details such as whether the property is vacant or rented, if rented when the rent period will expire, who will handover the keys, etc. are not provided to us by the court. We can just request for that information, but until we have all details we can’t auction the property.”

Most often the properties are valued at five per cent below the market price. In cases where the property remains unsold at the auction, the property is re-evaluated and details passed on to the court.

“Thereafter, it is up to the court and the bank to decide on when to re-auction the property,” he had said.

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