First Dubai Property Auctioned off By Bank

Barclays have confirmed that they have sold their first reposed property in the Emirate of Dubai, the small villa located in the Springs area of Emirates Living Dubai a collection of small attached townhouses was sold at auction indicating a reserve of 1.2m aed finally selling for 1.22m aed.

The Dubai property regulator RERA introduced a ruling n 2008 which allowed banks and lenders to commence repossession for owners who had significantly fallen behind with payments.

It is believed that around 200 property foreclosures have been heard in the Dubai courts paving the way for future auctions in the future, concern will be muted from real estate agents that the property market as started to recover and may still be fragile and that release of reposed properties must be carefully monitored in order to not jeopardise recovery.

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