Dubai Announces Building Selection Process for Residents Through Auction System
In a groundbreaking move for the UAE's real estate sector, Alphabeta Properties, a Dubai-based property development and management company, is revolutionizing tenant selection through a unique online auction system for its residential project, M77, located on Meydan Avenue.
Departing from the traditional method where tenants choose their buildings, this innovative approach is reshaping the real estate landscape in the region.
M77, featuring 77 apartments with 1, 2, and 3 bedrooms, offers luxurious amenities such as stunning Downtown and Burj Khalifa views, a full-floor gymnasium, a 50-meter Olympic-sized pool, and a smart keyless entry system. The rental rates are capped, with 1-bedroom apartments ranging from Dh105,000 to Dh150,000 annually, 2-bedroom units from Dh215,000 to Dh260,000, and 3-bedroom units between Dh250,000 and Dh350,000 per annum, depending on size.
The online auction on Alphabeta Properties' platform commenced on January 21 and is expected to run for two weeks. Prospective tenants must register, and shortlisted candidates will be invited to participate in the auction and visit the properties in person.
Alphabeta Properties, with a portfolio exceeding Dh1 billion in various localities, including Al Barsha, Jumeirah, and Al Safa, has focused on leasing and serving the affluent rental market segment. Abdulla Al Shaibani, the founder of Alphabeta Properties, stated that the invite-only rental bidding auction system is likely the first of its kind for rentals, adding transparency and fairness to the leasing process.
The idea for the online auction arose from strong demand and the challenge of dealing with higher bids from multiple parties in previous projects. Al Shaibani emphasized the company's commitment to ensuring that tenants have a fair opportunity to bid for the unit they desire, promoting transparency, and obtaining the best market price for their properties.
The company expects a significant portion of the units to be taken off the market soon due to high demand. The auction aligns with Alphabeta Properties' philosophy that the best buildings in an area will always be occupied and in demand, allowing them to achieve rates 20–30% above market rates for their semi-serviced apartments.
