JBR, Greens, Marina apts on auction

The Dubai Land Department (DLD) will be auctioning 25 properties (freehold and non-freehold) this month, 'Emirates24|7' can reveal.

“We will be auctioning 25 freehold properties in April. We expect to auction nearly 80 properties this year,” said Humaid Omran Al Shamsi, Section Head, Auctions Section, DLD.

Apartments in Jumeirah Beach Residence, the Greens, Dubai Marina and Downtown Dubai will be on the list of auctioned properties.

In March, the department held two auctions with seven freehold properties. Five of the properties were sold with the bidders paying eight per cent to 20 per cent higher than the reserve price.

In 2011, the department had auctioned only 35 freehold and non-freehold properties. Only nine properties were not sold. The department, Shamsi says, is able to auction a property in three weeks time, provided they have complete information about the property.

“In most of the cases, details such as whether the property is vacant or rented, if rented when the rent period will expire, who will handover the keys, etc. are not provided to us by the court. We can just request for that information, but until we have all details we can’t auction the property.”

Most often the properties are valued at five per cent below the market price, Shamsi states.

In cases where the property remains unsold at the auction, the property is re-evaluated and details passed on to the court.

Thereafter, it is up to the court and the bank to decide on when to re-auction the property.

Shamsi, however, adds if the court order mentions that the department has authority to auction the property at a new price then the department can go ahead and re-list it for the next auction.

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