Online property auctions introduced to uae

Online property auctions will be introduced to the UAE in a move hoped to attract more overseas buyers to the property market.

Asteco Propety Management announced a new partnership with LFC International Real Estate Brokerage this month, aiming to give their clients "a competitive advantage over traditional sales".

"The real estate market in the UAE, particularly Dubai, continues to draw a significant amount of interest from institutional and private investors from overseas. Furnishing these financiers with the opportunity to invest in local property through a safe, secure and transparent online auction will undoubtedly make it more convenient and therefore even more popular," CEO Elaine Jones told AME Info.

LFC has successfully auction-marketed thousands of properties, with sales in excess of $5 billion and has conducted auctions exclusively online for the last seven years, a CV impressive enough to convince Asteco to take a modern step forward.

"We live in a digital age and along with QR codes and smart phone 'apps' clearly online auctions have a integral part to play in the virtual property marketing mix, both now and in the future," Jones added.