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New Dubai online property auction launches

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

New Dubai online property auction launches

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, eZayed.com 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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Saleh said sellers would be legally bound not to receive counter offers after a successful auction.

Use of the website also includes post-sale paperwork and process.

Saleh said online real estate auctions had been successful in countries such as Australia, the US and the UK.

"Having lived in the UAE for over 20 years, I recognised the need to introduce the system into the region to stabilise and streamline the property market."

The UAE real estate sector has risen sharply in the past 18 months, with average sales prices rising about 30% last year and at least 20% so far in 2014, according to various analysts.

Last year, eMart was launched by the Dubai Land Department as "a simple and convenient exchange centre" for private and public real estate information.

It said that the new portal would "guarantee transparency and credibility in all data".

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