An intense bidding war was witnessed today at the public auction for villa in Arabian Ranches.
The battle was between an Emirati, a Chinese and an Indian with the coveted trophy being a 8,262-feet villa in Arabian Ranches, leased for Dh330,000 per year.
The property was finally bought by the Indian bidder, who paid Dh4.82 million, 30 per cent more than the reserve price of Dh3.3 million.
The second property to go under the hammer was again a non-leased villa in Arabian Ranches, The 3,390-square feet property was sold for Dh1.95 million, 30 per cent higher than the bid price of Dh1.5 million.
The third property to be sold was a Springs villa for Dh1.93 million, 13 per cent higher than the Dh1.71-million reserve price. However, a Jumeirah Island villa (10,784 square feet) remained unsold. The bidding price was set at Dh6 million.
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