11.09 AM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

Four apartments auctioned at premium between 12% to 86% in latest Dubai auction

Dubai Marina skyscrapers tower over the costline in Dubai (File)

Published
By Parag Deulgaonkar

All the four apartments that went under the hammer on Monday’s auction at the Dubai Land Department were sold at a premium of between 12 and 86 per cent over their base prices.

A non-leased apartment (150 square metre) in Marina View Tower A, the first on the auction list, was sold for Dh1.68 million, 20 per cent higher than its base price of Dh1.14 million, while a 89-square-metre apartment in the same tower was bought for Dh1.34 million, 67.5 per cent over the reserve price of Dh800,000.

The third property auctioned was 121-square-metre apartment in Madison Residency, Al Thannyah First. The unit was purchased for Dh1.12 million (base price of Dh1 million).

A 145-square-metre apartment in Al Fairooz Building in Dubai Marina, with a reserve price of Dh1.3 million, was purchased for Dh2.42 million, almost 86 per cent high than the base price.

UAE nationals purchased the first three units, while an Indian, according to people present at the auction, bought the fourth.

A total of seven properties were sold in November’s auction.

On November 14, Emirates 24l7 reported that the 1,355-square-metre bespoke apartment in Le Reve tower in Dubai Marina was sold for Dh34.7 million, almost four times more than the listed price.

The other apartments sold on the day was an apartment in South Ridge 1, Downtown Dubai  for Dh3.16 million (reserve price: Dh1.4 million) and 138-square-metre apartment in Al Arta 2, Al Thannyah Third for Dh1.5 million (Reserve price:Dh1.15 million).

 

MUST READ:

 

 

What caused JLT Tamweel Tower blaze: Faulty AC unit early suspect


JLT Tamweel Tower fire ignites 'high-rise' cigarette butt disposal debate

JLT's Tamweel Tower fire: Residents recount waking up to nightmare

JLT Tamweel Tower fire: No wallets, no phone, no car... residents fear for what is left?