22 showrooms auctioned for Dhs70 million on second day

There was a 40 per cent rise in total amount as compared to the previous day's auction which saw the same number of showrooms being auctioned for just above Dhs50 million. Competition got a bit higher among traders who came in large numbers to participate in the auction which will last until tomorrow (Wednesday) and will cover the remaining 30 more showrooms.

AbdulRahman Al Jaziri, Director of Markets Department at the municipality and Head of the Marketing Committee for Auto Market, said during the second day's auction, the lowest amount quoted was Dhs2.35 million and the highest bid was Dhs6 million. The start-up bidding amount was AED 300,000 for small showrooms and AED 500,000 for large ones. The auctioned showrooms ranged in area from 3280 to 6,000 square feet with the lowest annual rent being AED 65,600 and the highest AED 119,000.

The Auto Market, established in 1999 with some 130 showrooms for buying, selling and registering pre-owned vehicles under one roof, is one of Dubai's major landmarks that attracts a large number of dealers and customers. The auction is being done for a total of 74 showrooms of the second phase of the market with the aim of giving equal opportunities for the local traders in owning a showroom there.