Just one plot of land out of 25 offerings was sold at an auction held by Sherwoods Real Estate last week, although organisers said they were swamped with requests from potential buyers after the sale looking to strike a discreet deal with vendors.
A total of 25 properties, ranging from offices and completed villas to off-plan apartments and plots of land in Dubai and Abu Dhabi, went under the hammer.
While about a dozen bids were entered across the lots, the only one that met the reserve price was for a 40,000 square foot (sq ft) plot of land close to Dubai International Airport in Al Qusais, which was only open to bidders from the GCC. It sold for Dh750 (US$204) a sq ft.
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