** This thread discusses the Content article:
No distress sales at Dubai property auction **
Even though auction agencies across the world have revealed a significant rise in the number of distressed sales in auction rooms, none of the properties that have been auctioned so far in Dubai come from distressed sellers.
As a result, none of the sellers, who have auctioned their property in the city, have taken a cut.
"We categorise sellers into three types: elective, motivated and distressed," Raymond Kuceli, Chief Executive of Madania Real Estate, told Emirates Business.
"Elective sellers do not need to sell but have chosen to do so for their own reasons. Motivated sellers, on the other hand, need to sell their property but are still in control of the process and distressed sellers are in a position of foreclosure with the bank.
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No distress sales at Dubai property auction
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