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Luxury homes fail to sell at Dubai auction

Dubai, May 28, 2009

Four luxury properties in Dubai put up for sale in a private auction on Tuesday failed to sell because the bids came in too low, newspapers have reported.

Only nine people registered to take part in the auction, hosted by Madania Real Estate, for three villas and a penthouse, daily the National reported.

Three of the participants entered bids that failed to meet the property owners' reserve prices -- the minimum price the seller is willing to accept at an auction, the newspaper said.

Bids for a villa at Arabian Ranches started at Dh2 million ($544,700) and went up to Dh2.3 million, Emirates Business reported.

Dubai residential real estate prices began dropping late last year and fell an average of 41 per cent in the first three months of this year, property consultants Colliers said last month.

More than 100 onlookers attended the auction to gauge the health of the market, the National said. – Reuters




Tags: Dubai | Auction | Luxury homes |

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