The Middle East’s first online real estate auction site launches
The UAE has another first under its belt – the Middle East's first online specialist real estate auction site.
The RERA-certified eZayed concept launched online yesterday and allows for both physical and online bidding on real estate, which is something completely new for the region.
Primarily focused on residential property, eZayed will also auction select commercial real estate. The first auction is scheduled for the beginning of December and will include around 28 high quality properties – only ready to move in, completed properties are said to feature.
eZayed auctions can be attended in person or viewed and bid on via an online platform from anywhere in the world. The model ensures the sales price of property is determined by market demand, rather than being artificially set or inflated, a problem currently plaguing the market in the region. Interested buyers must submit a refundable security deposit to participate in an auction – AED 50,000 for UAE residents and 70,000 for non-residents.
The brainchild of managing director and serial entrepreneur Adham Saleh, the turnkey service streamlines the entire process by giving both purchasers and vendors a fixed sales date where efficient and open negotiations can take place. Saleh explains:
"Auctions guarantee firm offers can be delivered and accepted immediately, eliminating the lengthy delays experienced by both sides during real estate negotiations and transactions. They are often only for cash buyers, however eZayed is in talks with a number of leading banks with a view to offering finance for auction purchases."
eZayed aims to ensure complete transparency where no counter offers can be received by the seller once the auction has ended. As an added service, all paperwork and mandatory processes for buyers and sellers can be handled by eZayed free of charge. Something tells us that Mr. Saleh has backed a good horse...