Madania Real Estate holds its first public property auction event in Dubai

ameinfo 28.05.2009 09:55

Raymond Kuceli, Chief Executive Officer of Madania Real Estat.

The Al Yasat grand ballroom was filled with over 120 people all eager to watch four properties go under the hammer. In charge of the event was Raymond Kuceli, Chief Executive Officer of Madania Real Estate and a licensed auctioneer with over 20 years' industry experience.

The four properties auctioned included three villas in Arabian Ranches and one penthouse apartment in Jumeirah Beach Residences. Although bidders did not reach the reserve price for any of the properties, the auction event marked a new step in the maturing of the Dubai market. Buyer sentiment during the evening confirmed recent analysts' reports of a current divergence in buyer and seller expectations around the true value for property in the emirate.

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