Property auctions may be key in Dubai
As the property market shifts in favour of those looking for property to buy in Dubai, those with property for sale in Dubai are increasingly turning to auctions as a means of selling.
Since the high levels of 2008, values of property in Dubai have seen slides in the region of 50 percent and what was a sellers market has now become the realm of the buyer. Within the market place owners of property have been keen to sell but price falls have kept once eager investors at bay, and new methods to attract buyers are required.
It may be that prices could fall further. Auctions held in Dubai recently have so far yielded little success. One in particular failed to realise any sales as bids made were just not strong enough to match the reserve prices. Current owners may well have to reconsider the current value of their property and this may seem like terrible news for them. However, it could soon be the time for the keen and able investor to pick up a bargain.