Buyers on the take for foreclosed properties at Dubai auction

Buyers are snapping up foreclosed properties in Dubai, with five out of the seven residential apartments listed in first two public auctions sold, Emirates 24|7 can reveal. 

All the three residential apartments for sale at the second public auction held on Wednesday sold for between eight and 30 per cent higher than reserved price. 

A South Ridge 1 apartment (1,060 square feet) Downtown Burj, listed for Dh900,000, was sold for Dh1.18 million, 30 per cent higher than the reserved price, while the another apartment again in South Ridge 1 (915 sq ft) went for Dh960,000, 20 per cent higher than the base price. 

The third unit to go under hammer was a Greens apartment (748 square feet) in Al Thannyah, Al Arta Building. It was purchased for Dh650,000 (Reserve price: Dh600,000). 

The only property that wasn’t sold was a commercial unit in Al Barsha fourth. 

On March 19, this website reported that a Springs villa and an apartment in Jumeirah Beach Residence (JBR) were among the properties sold at the first public auction of foreclosed properties in Dubai this year.