An expat couple who are leaving Dubai for good are offering their four-bedroom apartmentfor as little as $100 through an online auction site.
The couple, who are planning to return to the UK after some 18 years in Dubai, have set up the auction following their difficulties in finding a buyer.
Steve and Arti Halligan will put their home up for an auction with a difference. They will operate a “lowest unique bid” auction through humraz.com.
Bidder will each buy a “seat” at the auction for between $50 and $100 and then submit as many bids as they wish.
The winner of the auction will be the person who has bid the lowest amount above the $50 minimum.
The catch is that to win the lot, located in the “Green Community”, you have to be the only person to have bid that price.
Therefore, the winning bidder could conceivably pay just $100 for a four-bedroom apartment !
The “green Community” is one of the most beautiful residential districts in Dubai, located at the end of “The World“, close to the to-be Dubai World Central Airport.
Read the full story @ Buyassociation - Photos : True Dubai
This is really embarrassing for Dubai. It will have a very bad impact on Dubai’s real estate image. This was a place where property was the valued commodity but not now.
Yeah no doubt it’s some thing so shameful for Dubai. As we all know when it comes to property matter Dubai was always consider as the best place but after giving a thought over this post i can say “Nothing is permanent”
Dubai is still a costly country. Prices have reduced but not as you say.
I don’t think you have understood this as it is a clever way of making sure the seller get their price. The property isn’t selling for a $100. Someone could win it for a $100, like the prize draw at Dubai Airport but by playing a game.
I am agree with marhabahome. It is truth that Dubai is one of the costly luxurious city in the wold.
New Cost of Living Survey has indicated Dubai as the most expensive city in the GCC for expats to live in, having risen to 20th place from a ranking of 52nd last year.
Dubai property Prices have downed to some level but not yet to this level which you are saying.
Dubai is a luxurious way of living where cost of living is standard is very high.
Still Dubai is costly like London, Moscow, Singapore and New York.