Foreign buyers seek Dubai dream National
--> A number of Dubai property brokers were holding auctions this time last year as they tried to find novel ways of selling homes in a market where serious buyers had grown scarce.
Among them were Sherwoods and Madania Real Estate, which between them held four auctions last summer.
But while the auctions were well-attended and bids were placed, only a couple of sales were made and so the plan never really got off the ground.
So much so, Madania, a unit of Al Tamimi Investments, closed down earlier this year. The property downturn was too much for the company to bare.
Selling a property in Dubai was never a problem in the boom years when buyers from all around the world queued for hours outside sales offices and eager agents left their calling cards under every available door and on every car windscreen.
But even the auctions, where properties were being sold for a fraction of their original price, eventually failed to arouse much interest.
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Daily MailThe pop singer, the Strictly Come Dancing star, the vibrating Daily MailThe search for money — and investments made with it — continues in, among other locations, Dubai, the Cayman Islands and Thailand.
