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Dubai Developer Innovates with Exclusive Auction to Select Tenants for New Building

A 2024 01 22T121142.204

In a groundbreaking move in the UAE’s real estate sector, a Dubai property development and management company, Alphabeta Properties, has introduced an innovative auction system to select tenants for its new residential project M77 on Meydan Avenue. This approach marks a significant shift from the conventional tenant selection process and is a first of its kind in the region.

M77, comprising 77 luxury apartments with 1, 2, and 3 bedrooms, is set to revolutionize Dubai’s rental market. The building boasts impressive amenities, including Downtown and Burj Khalifa views, a full-floor gymnasium, a 50-meter Olympic-sized pool, and a smart keyless entry system. The rentals for these units are capped at varying rates, with 1-bedroom apartments ranging between Dh105,000 to Dh150,000, 2-bedroom units between Dh215,000 to Dh260,000, and 3-bedroom rentals costing between Dh250,000 to 350,000 per annum.

The online auction, which began on January 21, is an invite-only event and is expected to run for two weeks. Interested candidates must register, and those shortlisted will be invited to participate in the auction and visit the properties in person. This transparent and competitive process allows tenants an equal opportunity to bid for the units they desire, ensuring fairness and clarity in the rental process.

Abdulla Al Shaibani, founder of Alphabeta Properties, highlighted the uniqueness of this rental bidding auction system. It stemmed from the strong demand witnessed in the company’s previous projects, where multiple people offered higher bids for the same unit. The auction approach aims to offer everyone a fair chance to secure their preferred unit while enabling the company to achieve the best possible price.

Al Shaibani anticipates that the auction won’t need to run for the entire two-week period, expecting 50% of the units to be taken off the market on the first day itself. He believes that the best building in an area will always be in high demand and achieve rates 20-30% above the market rate. M77 is positioned as a semi-serviced apartment, offering amenities similar to those found in serviced apartment hotels, including maid service and cleaning.

This innovative method of selecting tenants through an auction is a testament to Dubai’s evolving and dynamic real estate market. It reflects the city’s commitment to transparency, customer satisfaction, and staying ahead in the competitive real estate sector. As Alphabeta Properties leads with this novel approach, it sets a new benchmark for rental processes in the UAE and potentially in the broader region.

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