The Dubai Land Department has sold eight foreclosed properties at auction in the first bulk sale of repossessed homes in the emirate.
The sale may clear the way for lenders to offload millions of dirhams in repossessed property. The homes sold between Dh740,000 (US$201,450) and Dh6 million, well above the minimum prices.
"It was good news to see the [foreclosure] process start to work like other jurisdictions," said Jody Glenn Waugh, a partner with Al Tamimi, a law firm.
No comments:
Post a Comment