Madania Real Estate announces details of its first public property auction event in Dubai

The brokerage will auction four properties at Al Murooj Rotana Hotel from 6.30pm on 26th May 2009 and expects the prices generated by this sales method to give a true indication of current market value.

The auction event is open to any member of the public, and attendees are required to register in order to bid on the properties at the event.

Madania Real Estate CEO Raymond Kuceli, a licensed auctioneer with over 20 years' experience, will conduct the auction sale of each of the four properties.

Mr Kuceli said, "We are very excited to hold our first Dubai auction event and keen to see a true reflection of the current market value of these properties. The auctioneering method of sale is unique in that it facilitates sales between a buyer and vendor in the most transparent manner and puts the property before the price."

The properties scheduled to go under the hammer include three villas in Arabian Ranches and one apartment in Jumeirah Beach Residence. Mr Kuceli said, "We have a good assortment of properties to auction next week, and our marketing so far has generated a lot of interest, so we are expecting positive results for our sellers and buyers next Tuesday evening."

The auction itself will mark phase two of Madania Real Estate's 60-day, three phase auction process. Phase one begins with a vendor signing up exclusively with Madania Real Estate and the onset of an aggressive four week marketing campaign.

If the property does not sell at phase two - the auction event - the third phase uses all the information gathered during the first and second phase to generate a buyer.

Madania Real Estate is a brokerage firm offering a full range of real estate services with competencies in selling, buying, leasing, building management and advisory services, as well as deferred payment plans. Madania aims to set the benchmark for the auctioneering sales method in Dubai.