Properties fail to hit reserve price at first UAE auction

None of the four lots in the UAE's first public property auction made their reserve price on Tuesday evening.

There were no bidders for two lots - a four bed apartment in Jumeirah Beach Residence and a seven bed villa in Arabian Ranches - resulting in the auctioneer "passing in" the properties.

A three bed villa and a five bed villa in Arabian Ranches were sold for AED2.3m and AED2.8m but they will only be sold to the bidders if the seller agrees to lower his valuation because both bids were below the reserve price.