Dubai Marina apartment sells for 45% over reserve price

A 919-square feet apartment in Dubai Marina’s Al Sahab Tower 1 fetched 45 per cent higher than the bid price at Monday’s public auction at the Dubai Land Department , ‘Emirates24|7’ can reveal.

The apartment, leased for Dh85,000 per year, was sold for Dh1.02 million against a reserve price was Dh700,000.

The second apartment that was sold was a 1381.6 square feet, non-leased apartment, in Amwaj Tower 4 in Dubai Marina, for Dh1.37million, nearly 20 per cent more than the bid price of Dh1.15 million.

Two apartments in Baher Tower 1 and Zain Tower, respectively, in Dubai Marina, remained unsold.according to zawya.

Nearly 974 property transactions close to Dh2 billion were registered in Dubai Marina during the first quarter 2012, Dubai Land Department ( DLD ) data had revealed.

Dubai Marina district houses the three tallest residential towers in the world: the 414-metre Princess Tower, 395-metre 23 Marina and 381-metre Elite Residence.

Jones Lang LaSalle (JLL), a global real estate consultancy, said in January that the Dubai residential market was witnessing signs of selective stability and a broader market recovery was expected in 2013.

“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,” Craig Plumb, Head of Research, Jones Lang LaSalle Mena, had said.