Faith in property market a tough sell

Four multimillion-dirham properties in Dubai that went under the hammer this week failed to sell, providing further evidence that the UAE’s appetite for new homes is still subdued.

Only nine people registered to take part in Tuesday night’s auction for three villas in Arabian Ranches and a penthouse in Jumeirah Beach Residences. Of those, only three actually entered bids, all of which failed to meet the properties’ reserve prices.

The public auction at Al Murooj Rotana Hotel was a first for Madania Real Estate and attracted a crowd of more than 100 people.