The Dubai Land Department ( DLD ) will no longer be holding auctions for foreclosed properties, but will sell properties for developers and units owners through private auctions, according to senior government official.
"We will no longer be selling any foreclosed properties. We have stopped that service.
"However, we will still sell properties for developers or unit owners through our 'Mazad', or auction facility," Humaid Omran Al Shamsi, Section Head, Auctions Section, DLD , told Emirates 24/7.
In the past two years, Dubai has auctioned over 80 foreclosed properties.
In 2011, 35 properties were auctioned, while 2012 saw over 45 properties going under the hammer. Most of the properties were fetched on average between 15 and 40 per cent over their base prices.
A penthouse in ultra-luxury Le Reve tower in Dubai Marina, which went under the hammer in an auction last year, was the costliest property to be sold in Dubai.
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