Auctioned Dubai villas sell way above reserve prices
The majority of villas in Dubai’s Springs community put up for auction at the emirate’s Land Department, DLD, sold for up to 40% above their reserve price.
A two-bed apartment villa was bought for Dh1.26 million, 40% above the reserve of Dh 900,000, according to news agency Emirates 24/7
Another apartment auction, at 2562.05 square feet, was sold for Dh 2.26 million, a third up on the base price of Dh1.7 million.
Two other Springs apartments for sale sold for above their reserve price as well.
Only one of the five lots from Springs up for grabs at the auction remained unsold.
Earlier this year Kuwaiti investment bank Global Investment House had said that property prices appeared to be bottoming out in the first quarter of 2012.