Private sector auctions help to accelerate repossed UAE home sales

Private-sector property auctions are helping to speed the sale of foreclosed homes for banks.

While foreclosing upon a property was a relatively short process lasting around six to nine months, selling repossessed homes has proved difficult, with only a handful of sales taking place since Dubai's property crash.

But recent private-sector property auctions had vastly accelerated the process, said Vivek Bali, the head of retail credit at Mashreqbank. They were "helping banks clear the properties and make sure that they get their realisable value", he said.

Read more: http://www.thenational.ae/business/property/private-sector-auctions-help-to-accelerate-repossed-uae-home-sales#ixzz2KklgqPE9