The Dubai Land Department said its online real estate portal eMart is set to conduct its third auction featuring five high-end commercial and residential properties worth Dh190 million ($51.7 million).

Sultan Al Akraf, senior director of Real Estate Registration at the department, said: “This is eMart’s third auction in less than two months. The first auction achieved sales of about Dh74 million, which was an outstanding achievement considering the portal had just been launched.

"However, for our third auction we fully expect to raise the bar even higher and beat the previous records, epitomising our continued success in attracting high-end investors.”

The department anticipates an even greater level of participation from real estate players and stakeholders, he said.

A space has been designated in one of the department buildings for auctioneers and interested parties, equipped with hi-tech screens and tablet devices, and staffed by professionals who are ready to assist bidders and train them in using the online auctioning system. - TradeArabia News Service