Springs, JBR properties sold in first Dubai public auction for 2012

A Springs villa and an apartment in Jumeirah Beach Residence (JBR) were the two properties sold at the first public auction of foreclosed properties in Dubai for 2012, Emirates 24|7 can reveal.

Four properties were listed for auction.

The first property to go under hammer was a three-bed Springs 3 villa (4,136 square feet, Type 2E) with the base price of Dh2 million.

The property saw intense bidding but finally was sold for Dh2.32 million, 16 per cent more than the reserved price.

The second property sold was a three-bedroom apartment (2,171 square feet) in Rimal 4, JBR for Dh1.98 million, 24 per cent higher than the listed price of Dh1.6 million.

Property agents and online property websites have listed similar villas in Springs 3 for between Dh2 million and Dh2.15 million, while three-bed Rimal 4 apartments are available in the market for Dh1.85 to Dh1.9 million.

No bids were received for the two-bed villa (1,879 square feet) Springs 7 villa, which had a base price of Dh1.25 million and one-bed apartment (860 square feet) in Al Sahab 1 building in Dubai Marina (based price: Dh1 million).

The second round of auction will take place on March 21, where two one-bed apartments in South Ridge 1, Downtown Burj, will go under the hammer along with a Greens apartment.

The reserve prices for South Ridge 1 properties are Dh900,000 and Dh800,000, respectively, while the Greens unit has a base price of Dh600,000.

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