Newport Beach, CA – May 31, 2012 – (RealEstateRama) — When you combine an iconic property with an unconventional marketing and sales approach, you’re bound to receive a lot of attention. That is what has occurred since the recent announcement of Dubai’s first online real estate auction of an entire corporate office floor in the world’s tallest building, the Burj Khalifa.
An invite-only pre-auction reception was recently attended by many of Dubai’s business leaders, as well as dignitaries and corporate leaders from outside of the United Arab Emirates, many of whom are potential bidders. The property webpage on Freedom Realty Exchange – FRE.com, a leading online real estate auction platform, has received well over 2,000 views and 40 registered bidders from India, Canada, USA, Saudi Arabia, Kuwait and Dubai.
At the peak of the market, corporate floors in the Burj Khalifa sold at prices ranging to 100 million AED, approximately US$30MM. The minimum bid for this floor in the auction is 19.900.000 AED or US$5.4MM.
“The real estate market in Dubai, particularly the commercial and office sector, is struggling to generate buyer activity due high inventory and low demand,” states Ahmet Kayhan, co-founder and CEO of REIDIN.com, a leading real estate information company based in Dubai. “The decision by this private property owner to market and sell via an online auction is affirmation that sellers must step outside typical conventions if they really want to produce a sale.”
After marketing the property locally for over two years, this ground-breaking online real estate auction has garnered much curiosity from the local brokerage community in Dubai. It is expected that a buyer from outside of the area will emerge, especially as the international advertising campaign targets C-level executives of large corporations and wealthy investors. It is that specific buyer who truly appreciates the convenience and anonymity of the online auction process.
“Based upon early indications of buyer activity and interest, Dubai could see online real estate auctions becoming a more acceptable and desired method to sell any type of property,” concludes Kayhan.
Facts about the Online Auction
• The minimum bid is AED 19.900.000 or just over US$5.4MM
• Corporate suite is +/- 11,269 sq. ft or 1.047 m2 and located on the 117th floor
• Bids must be submitted by June 28, 2012
• More property photos and auction details can be found on FRE.com/117N5
• All bidding in the auction is conducted online
About LFC Communications, Inc.
The Freedom Realty Exchange is owned and managed by LFC Internet Marketing, Inc., a member of the LFC Group of Companies. For over 30 years, the LFC Group of Companies has successfully auction- marketed thousands of office, commercial, industrial, land and residential properties worldwide, with sales in excess of $5 billion. Clients include numerous Fortune 500 companies, real estate developers, investors, financial institutions, government agencies and real estate brokerages. LFC International Real Estate Brokerage, LLC. a licensed auction and real estate brokerage in Dubai, UAE, is conducting the auction