Bids placed but no sales made at Madania auction

All eight of the properties put up for auction by Madania Real Estate on Wednesday night failed to make their reserve price, with potential buyers saying prices are still too high.

The auction, which was the second held by the property broker in two months, attracted just 30 people, about five of whom registered to take part.

Bids were placed on three of the properties, with the highest being Dh3.3 million (US$898,000) for a four-bedroom villa in The Meadows. A four-bedroom apartment in Jumeirah Beach Residences was also popular and bidding reached Dh2.6m. The highest bidders were given the opportunity to negotiate a price with the seller after the auction.