AED 169 Million Harvested by Emirates Auction from the Sale of 36 Properties in Dubai and Abu Dhabi in 6 Hours

The proceeds from the real estate auctions in Abu Dhabi and Dubai, supervised by the Abu Dhabi Judicial Department and Dubai Courts and organized separately by Emirates Auction last week, exceeded AED 169 million for 36 properties offered for public sale. These properties varied between buildings, lands, villas, and residential apartments across different areas. Each auction lasted approximately three hours, indicating the significant turnout eager to seize these properties.

Emirates Auction achieved a 100% sales rate for all properties offered in both auctions, with an average price increase of 55% compared to the initial asking prices—a first-of-its-kind precedent in the UAE in terms of sales volume and price appreciation percentage.

The Dubai real estate auction generated over AED 92 million from 19 properties, contested by 350 investors out of 500 who filled the grand hall at the Armani Hotel in Burj Khalifa. These properties were won by bidders from 10 nationalities out of 30, with Emiratis leading the pack. Sale prices in the auction ranged from AED 600,000 to AED 7 million, recording increases between 24% and 84%, with an average of 54% over the starting prices, reflecting the investors’ enthusiasm in competing for the properties, most of which belonged to distressed owners. The Abu Dhabi real estate auction, held last week at Emirates Palace, yielded over AED 76 million from 17 properties, with price increases ranging from 15% to 98% and an average increase of 56.5%. Sale prices ranged from AED 550,000 to AED 7 million.

Yaqoub Mohammed Ahmed Abdulla, Head of Seizures, Sales, and Urgent Claims, stated that Dubai Courts, through its partnership with Emirates Auction, aims to maximize the claims of plaintiffs. He emphasized that real estate properties are a trust held by Dubai Courts, and it is their duty to preserve them and resolve their cases in a way that ensures justice for all parties, a goal achieved in the Dubai real estate auction.

Ibrahim Al Hosani, Director of the Execution Department at Dubai Courts, said the auction succeeded in achieving the highest possible profit for the sold properties, alleviating the burden of accumulated debts on distressed owners subject to execution.

For his part, Abdulla Al Mannaei, Executive Director of Emirates Auction, stated that the Abu Dhabi Judicial Department and Dubai Courts played a pivotal role in safeguarding the rights of all parties and achieving the highest possible returns for the properties offered in both auctions, in addition to their tremendous efforts in expediting execution. Al Mannaei announced his company’s intention to launch the first global electronic real estate auction from Dubai.

He explained that the idea of organizing this type of auction stems from the success of the Abu Dhabi and Dubai auctions and the company’s keenness to expand its participant base from various countries worldwide by saving time and effort, as bidders will be able to participate through a website currently under development for this purpose.

Surprise

Participants in the Dubai real estate auction, attended by representatives from the Dubai Land Department, expressed their astonishment at the exceptional organization and uniqueness. Emirates Auction managed to attract over 600 investors to the Dubai auction following a massive marketing campaign inside and outside the country.

Participants engaged with the enthusiastic atmosphere sparked by the auctioneer, amid sound effects and interactive laser lighting synchronized with giant screens that instantly displayed the competition among investors.

This article is translated and not the original content.