US-based Freedom Realty Exchange, a leading online real estate auction platform, has put up an entire corporate floor on the world's tallest tower BurjKhalifa in the first ever online real estate auction in Dubai.

Freedom, which is owned and managed by LFC Group of Companies based in California, said BurjKhalifa revels in many accolades; the newest one being home to the first ever online real estate auction in Dubai.

The massive silhouette piercing the Dubai skyline is immediately recognized, widely admired and highly sought after as a prestigious address for global business leaders.

As the first-of-its-kind auction to occur in Dubai, the online event is expected to attract global attention not because it is as progressive and innovative as the city with a reputation of pushing the envelope, but because of its premier location and low opening bid which starts at Dh1.99 million ($541,769).

Commenting on the auction, Bill Lange, the LFC Group of Companies president and CEO, said, 'As far as notable real estate auctions, this one tops them all.'

Recent reports indicate that the real estate market in Dubai is improving, mostly on the residential side, as the commercial and office market remain sluggish with sellers looking to sell quickly yet mitigate any loss in price.

Auctions have proved to be effective where supply is high and demand is low; case in point with many of the corporate suites in the BurjKhalifa.

The international appeal of the BurjKhalifa lends itself perfectly to an online auction as the barrier to entry for interested buyers is removed when the ability to bid is available directly from their own computer, laptop or tablet, regardless of where they are located in the world, remarked Lange.

'Regardless of the notoriety of the BurjKhalifa, the auction will attract serious buyers who understand that this is an once-in-a-lifetime opportunity to purchase an entire corporate floor in the BurjKhalifa at a price they determine through online bidding,' he added.

The company said all bids must be submitted by June 28.

The current owner of an entire corporate floor above the 110th storey has taken the bold and historic step to sell the property through an online auction on the Freedom Realty Exchange, it stated.

In his comments, the anonymous property owner said, “Dubai is a global community and what better way to reach the global buying market than with an online auction where anyone interested in purchasing the property can do so no matter where they are in the world.”

“I’m also very excited that the auction presents a date certain for sale by compelling buyers to get involved now or risk someone else taking advantage of the auction sale,” he added.-TradeArabia News Service