Dubai Marina apartment sells for 45% more than reserve

18/06/2012 - Dubai Property News Posted by Neil King
Dubai Marina apartment sells for 45% more than reserve

Buyers looking for opportunities in property investment in Dubai will know that it can be a struggle to fight off the competition in order to secure a sought-after flat or villa.But according to Emirates 24/7, one individual has gone to significant lengths to ensure they were the bidder getting the keys for a residence up for sale in today's (June 18th) public auction at the Dubai Land Department.The affluent investor won an apartment in the upmarket and desirable Dubai Marina district after making an offer that was 45 per cent more than its original reserve price.Based in the waterfront Al Sahab Tower 1, the unit - which is leased for AED 85,000 (£14,768) per year - was sold for AED 1.02 million against a reserve price of AED 700,000.A second non-leased apartment sold at the auction boasted 1,381.6 sq ft in Amwaj Tower 4 in the Dubai Marina area went for AED 1.37 million - which is nearly 20 per cent more than its starting value of AED 1.15 million.A flat in Baher Tower 1 and one unit in Zain Tower remain unsold.Some 974 property transactions close to AED 2 billion were registered in Dubai Marina during the first three months of this year, according to the Dubai Land Department.The district is home to three of the tallest residential towers in the world, the 414m Princess Tower, 395m 23 Marina and 381m Elite Residence.This latest auction is further proof the Dubai market for luxury property is prospering, with high-end residences continuing to excite investors looking for exciting additions to their portfolios.Global real estate consultancy Jones Lang LaSalle said in January that the residential market is witnessing signs of selective stability, while a broader resurgence is expected in 2013.Head of research for the Middle East and North Africa region Craig Plumb was quoted by the newspaper as saying: "The residential market is close to bottom while prices are increasing in certain areas. We will see some recovery by end of the year, but the market sector as a whole will recover next year."