FINANCIAL NEWS

Dubai Land Department to put 80 properties for auction

09 Apr 2012

(MENAFN) The Dubai Land Department said that during 2012, it would put up to 80 properties for auction, reported Gulf News.

The department added that in 2011, it put 35 foreclosed properties up for auction in the first sale of repossessed homes, and was able to sell them through several auctions.

It also sad that 70 percent of the auctioned properties had been repossessed by banks, since owners defaulted on installments.

Moreover, all the properties were sold for more than the reserve price.

It is worth noting that Dubai’s 2008 Mortgage Law No 14 was intended to accelerate the foreclosure process, giving banks a chance to regain their losses on defaulted property.

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