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iPhone 4 is most popular product on Souq.com

Apple’s latest is the top selling product and most searched term on the auction site

iPhone 4 is most popular product on Souq.com
Souq.com predicts iPhone 4 prices will fall lower than 30%.

The iPhone 4 is now the most purchased product across all categories on local auction site Souq.com.

In less than a week of the iPhone 4 being made available on the site, Souq.com reported record sales of more than AED 600,000. It has become Souq.com's most popular product as well as the top searched term on the site.

Souq.com sellers have presently listed more than 400 units of the latest iPhone, with 16GB and 32GB prices ranging from AED 3,300 and AED 5,000 respectively.

As demand increases, Souq.com predicts prices will fall lower than 30%.

"The Middle East region is a hot spot for consumers, looking for the latest and high-tech gadgets and products. iPhone 4 is one of the many products sold on Souq.com, making us an exclusive platform to sell the latest next-gen products online. Souq.com constantly offers consumers in the region the best and the latest deals online," said Maurizio Valentini, country manager of Souq.com

Apple announced that it sold over 1.7 million iPhone 4 units just three days after its launch on June 24th.

Several users however are left unhappy with their new purchase after facing reception problems, which Apple acknowledged two days ago. The fault, Apple says, has to do with a "totally wrong" formula they used to calculate how many bars of signal strength to display.

"We will issue a free software update within a few weeks that incorporates the corrected formula. Since this mistake has been present since the original iPhone, this software update will also be available for the iPhone 3GS and iPhone 3G," added the firm.

Apple will offer dissatisfied customers a full refund if they wish to return their iPhone 4, but only if the purchase was made within 30 days and the unit is not damaged.

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