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29 March 2024

Public auction: Downtown Dubai property sold for double the base price

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By Parag Deulgaonkar

An apartment in Downtown Dubai, which went under hammer at Dubai Land Department's (DLD) public auction on Wednesday, was sold for almost double the reserve price.

The 76.74 square metre apartment in Reehan 1, Downtown Dubai, was bought for Dh1.39 million (Base price: Dh700,000).

The six-bed, 1243.78 square metre Signature villa on the Palm Jumeirah was sold for Dh21.1 million, 11 per cent higher than its reserve price of Dh19 million.

Property agents had quoted market prices for similar villas in the range of Dh22 to Dh25 million.

The 101.1 sqm apartment in Bahar 1 building, Jumeirah Beach Residence, was purchased for Dh1.21 million, 42 per cent higher than the base price of Dh850,000, while 151.91 sqm apartment in Shams 4, Jumeirah Beach Residence, fetched Dh1.54 million, 18.4 per cent over the reserve price of Dh1.3 million.

The 101.7 sqm apartment in Al Dhafrah 3, Al Thannyah Third, was sold for Dh1.12 million. It had a reserve price of Dh1 million.

The only apartment which had no bidders was a 192.88 sqm apartment in The Zen Tower, Dubai Marina. The base price for the unit was Dh 1.76 million.

DLD will be holding the year's last public auction on December 26.

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