New Online Real Estate Auction Platform Launches In Dubai

A new online real estate auction platform, eZayed, has been launched in Dubai, which will allow for both physical and online bidding on regional real estate.

The new platform – www.ezayedrealestate.com – is RERA approved, and will focus on residential property, also auctioning select commercial real estate, a statement said.

The first auction is scheduled for the beginning of December and will include up to 28 properties. Only ready to move in, completed properties will feature, the company said.

Adham Saleh, managing director, eZayed, said: “Auctions guarantee firm offers can be delivered and accepted immediately, eliminating the lengthy delays experienced by both sides during real estate negotiations and transactions.

“They are often only for cash buyers, however eZayed is in talks with a number of leading banks with a view to offering finance for auction purchases.”

The eZayed auctions can be attended in person or viewed and bid on via an online platform from anywhere in the world. Interested buyers need to submit a refundable security deposit to participate in an auction – Dhs50,000 for UAE residents and Dhs70,000 for non-residents.

No counter offers can be received by the seller once the auction has ended, the statement said.

All the paperwork and mandatory processes for buyers and sellers will be handled by eZayed free of charge.

Dubai’s property sector has rebounded strongly since crashing in 2009, with a number of new projects entering the market.

During the first half of 2014, the total value of real estate transactions reached Dhs113 billion, while the total number of transactions amounted to 30,380, according to the Dubai Land Department (DLD).