Dubai Villas Auction: A Great Investment Opportunity for Real Estate Lovers

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Dubai Villas Auction: A Great Investment Opportunity for Real Estate Lovers

Post  umerakmal on Fri May 04, 2012 5:19 am

Dubai Investors checked their smart phones, tablets and notepads for property details yesterday before lifting blue paddles to confirm their bids.

Indian, Pakistani, Emirati, Arab and Chinese residents and brokers snapped up villas at competitive prices at an auction that officials hope will stimulate interest in future bulk sales of homes that have been repossessed by banks.
Of five villas in Dubai with unpaid mortgages that went under the hammer, only one was not sold.

The homes, all in the Springs, fetched between Dh1.2 million and Dh2.26m - about 15-30 per cent above the asking prices.

"This is a really efficient way to get banks to write off a portion of their debt," said Kalpesh Sampat, director of the property company SPF Realty, who successfully bid for a villa.

"Plus, you are sure of a clear title. People have peace of mind because the Land Department is involved."

"Dubai is attractive to Chinese people who work here," said Wendy Shen, a Chinese national and marketing manager of West Legend Real Estate. "Many put money in Hong Kong and Singapore. But Chinese who set up business here and have bought houses to stay, they are looking for more investment."

Land Department officials said the level of investor participation was encouraging.

"There is a lot of interest and the bidding has been good," said Humaid Omran Al Shamsi, section head of the registration department. "The concept is still new but properties are selling well."

The Land Department registered its first auction of repossessed homes in December. It has said that more than 80 properties will be auctioned off this year.

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