Media monitoring services compiling news from the major news providers in the UAE
Asteco To Set Up A Site To Auction Properties
Aug 16, 2012
UAE based real estate consultant company Asteco is about to launch an online property auction website just to entice international investors for the Gulf state’s property market. According to company’s spokesperson, the company has signed a deal with US based LFC International Real Estate Brokerage firm to offer these services. Both institutional and individual investors from overseas are particularly interested in Dubai realty market.
Furnishing these kinds of opportunities will help them to invest in local properties through a safe, secure and transparent online auction website. It will certainly be a more convenient and more popular way now. According to LFC International Real Estate Brokerage spokesperson, LFC would handle the online auction for the sale of an entire corporate floor in Burj Khalifa. The minimum purchase price for the 110th floor is set at US $5.4 million.
A spokesperson further explained that 40 investors had signed up to take part in the sales but LFC refused to comment on it. Though Dubai property sector was hit hard by economic crunch as several property projects were put on halt or cancelled and prices were slashed to 60 percent of the original price tag.
Real estate prices are being recovered in a few areas as realty market is showing the signs recovery. Foreign investors made deal worth AED 22 billion during the first half of 2012 and it is healthy sign for recovery.
Dubai real estate’s freehold sector was dominated by Indian investors, who purchased 2,135 properties valued AED 3.751 billion while Pakistanis took the second spot with a total of 1,814 properties valued at AED 1.713 billion. British investors come at number three followed by Iranian and Russian investors.