Estate Agents in Dubai made their first stab at trying to get their depressed property market off the ground and into a better mood this week. While they expected a great news story the auction turned out to be a complete flop and not one property managed to sell. While the attendance was not so bad only three bids were made during the ... entire auction.
Reports earlier in the week said the auction would help give an indication of how much cash people were willing to hand over in the "current economic climate". It couldn't be clearer that obviously Dubai property is still way over priced and in order to get the bidding wars started the guide prices will have to be dropped as low as possible.
However they are not giving up just yet. Agents in Dubai are hoping that buyers will warm to the concept and well, lets hope they have learnt a lesson quick enough in time for next week where 50 properties will go up for auction.
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