UAE Unveils New Online Property Auction

Asteco partners with real estate auction website to provide new solution for UAE property owners.



UAE-based Asteco Property Management today announced a new partnership with international real estate auction-marketing company, LFC International Real Estate Brokerage.

As online auctions continue to gain traction globally as an accepted method to buy and sell real estate, the new partnership between Asteco and LFC aims to bystep traditional real estate sales and marketing tactics.

“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,” said Elaine Jones, CEO, Asteco Property Management.

LFC is a member of the US-based LFC Group of Companies, which has been auction-marketing residential, retail, commercial properties as well as land, worldwide for over 35 years.

“LFC has successfully auction-marketed thousands of properties, with sales in excess of $5 billion and for the last seven years, has conducted real estate auctions exclusively online,” commented Bill Lange, CEO & President of LFC.

Typically the process for an owner to sell their property via the online auction begins with submitting an agreement, establishing the minimum bid and setting the bid deadline, which is usually 30 days after the property’s profile page is “live” on the auction website Freedom Realty Exchange – FRE.com.

Interested buyers can then view property images and conduct due diligence directly from the website, as well as place their bids. Once the auction concludes and the reserve price has been met, the highest bidder is contacted, a solicitor is instructed to carry out all legalities, contracts are exchanged, funds released and the sale is completed.

“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,” said Jones.