Bidding wars heat up Dubai?s first online property auction

The first online auction on eMart, organised by the Dubai Land Department, witnessed fierce competition between bidders over the 17 residential and commercial properties on offer.

According to a media statement, observers attributed the momentum to the innovative style of auction that features the comprehensive detailing of each property, including photographs, maps, and various other aspects that made all the necessary information available to bidders.

The portal received over 1,100 visits in the early hours of the first day of bidding, reflecting the high interest among real estate investors who gathered in the lounge arranged by Dubai Land Department. Several large screens set up to display the live auction and to brief guests on the simple and new interface they can use online to put in their bids.

Sultan Butti bin Mejren, Director General of Dubai Land Department, described it: ?With the launch of eMart auctions, we are now one step further, in line with our strategic plan, to be at complete harmony with the directives of the government in transition to a smart city, through the dedication to a culture of smart and transparent real estate operations that lays the foundations for fair competition that acts as a notable motivator for international investment in Dubai.?

via Bidding wars heat up Dubai?s first online property auction – Emirates 24/7.