Dubai's eMart raises $20m from first online auction

Government-backed real estate auction totals sales of $20.2m as 11 properties go on offer
Dubai's eMart raises $20m from first online auction
By Andy Sambidge
Fri 13 Dec 2013 10:50 AM

The first online property auction run by eMart, the Dubai government-backed initiative, totalled sales of more than AED74.5m ($20.2m).

The money was raised on the 11 residential and commercial properties on offer at the auction, a statement released on Wednesday said.

"These figures indicate the strong demand for services such as online auctions as they offer property investors and owners superior transparency, security, efficiency and speed," the statement added.

Sultan Al Akraf, senior director of Real Estate Registration Services at the Dubai Land Department said: "These figures prove that Dubai's real estate sector has achieved an exceptionally high ranking compared to its peers on the global map.

"It is also conclusive evidence of Dubai's pursuit of innovation by focusing on smart and convenient online services for the property market."

The auction was the first for eMart, which was launched at the beginning of November to advance Dubai's goals of "efficient real estate operations that fulfill the highest levels of transparency and stakeholder rights".

The residential and commercial properties in the auction had a starting price of AED60m.

The portal received over 1,100 visits in the early hours of the first day of bidding and eMart officials said many of the bidders are expected to return to future auctions.

Some estimates suggest that real estate prices in prime areas in Dubai have risen by up to 30 percent in 2013 to date, after falling by over 60 percent from their 2008 peak.

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