Three properties for sale in Dubai are to go under the hammer next week as the UAE holds its first ever real estate auction.
Organiser Madania reports that although auctions are popular throughout the western world, they have yet to catch on in the UAE and elsewhere in the Middle East.
However, Raymond Kuceli, chief executive of the group, is confident that Emiratis will take to the property auctions quickly, with many expected to be drawn into the excitement this weekend as three luxury properties for sale in Dubai go up for auction.
"There's no market in which auctions don't work because they draw out the true market value of a property," he said, adding that he has personally bought and sold property in this manner in the past.
Mr Kuceli announced the auctions in April, insisting that the new forum for sales of UAE property would help buyers and sellers come together to settle on a price that is satisfactory to both parties.