First public auction of repossessed Dubai homes soon

Dubai’s Land Department is set to hold the first public auction of repossessed homes in a month’s time, a leading lawyer has said.

The real estate authority has begun evaluating repossessed properties indicating it will soon announce the date for its first public auction, a partner at the Dubai-based firm Al Tamimi and Company said.

"We anticipate the first public auction to be held in a month's time. However, we are not sure since it is summer time,” partner Jody Waugh said at a seminar, reported by Emirates Business.

"We have received the first evaluation from the DLD on a property that will be publicly auctioned. It is an official evaluation from the Land Department. So, I believe we are close to our first public auction under the mortgage law.”

According to the report, 10 properties have been approved for auction by Dubai Courts. They have been set at current market prices, Waugh told the paper.