Dubai close to first property public repossession auction

Individuals looking to the UAE for their next property investment may have a lot to gain by heading to Dubai for the emirate's first public auction of repossessed properties.

With real estate prices falling in the emirate by up to 50 per cent, Dubai's Land Department (DLD) has already started to evaluate possible repossessed properties in order for the auction to hopefully get underway next month.

Some ten properties have already been given the all-clear by Dubai Courts to be sold at the auction, with those hoping to purchase a buy-to-let investment property potentially able to bag some solid bargains.

This is due to real estate prices in Dubai having fallen by close to 50 per cent since they were at their peak in the final months of 2008.

Jody Waugh, partner at Dubai-based law firm Al Tamimi and Company, said: "We have received the first evaluation from the DLD on a property that will be publicly auctioned.

"I believe we are close to our first public auction under the mortgage law. As far as any notification of the announcement of the first public auction from the DLD is concerned, it is still to come through."

Meanwhile, HomesGoFast.com recently suggested that those considering making a property investment in the UAE should focus on almost-finished houses.

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