New Dubai online property auction launches

Founder of says website will ensure real estate prices determined by market

Tags: E-commerceUnited Arab Emirates
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New Dubai online property auction launches
By  Courtney Trenwith Published  September 15, 2014

A new Dubai online real estate auction platform has been launched, with the first auction scheduled for December.

Certified by the Real Estate Regulatory Agency, will primarily feature completed residential properties and will allow both physical and online bidding from anywhere in the world, a statement announcing the launch on Monday says.

Up to 28 ready-to-move-in properties will be part of the first auction.

The company said the model would ensure the sale price was determined by market demand, rather than being artificially set or inflated.

Interested buyers must pre-register and submit a refundable security deposit of AED50,000 ($13,600) for UAE residents and AED70,000 for non-residents.

Founder Adham Saleh said the service ensured efficient and open negotiations between the seller and buyers.

"Auctions guarantee firm offers can be delivered and accepted immediately, eliminating the lengthy delays experienced by both sides during real estate negotiations and transactions," he said in the statement.

"They are often only for cash buyers, however eZayed is in talks with a number of leading banks with a view to offering finance for auction purchases."

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