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Most Popular Auction Houses Near Me in Dubai
KHIA9-19_20 Khalifa Economic Zone - Kizad - Khalifa Industrial Zone - Dubai - United Arab Emirates
+97126262898
Dubai
- Deira, Sabkha Rd, Opp Al Khaleej Hotel - Dubai - United Arab Emirates
- +97142579100
- Deira
- X424+3GR - Jebel Ali Free Zone - Dubai - United Arab Emirates
- Dubai
- 101bids Online Auction Office 106, Al Barsha Business Centre - Al Barsha - Al Barsha 1 - Dubai - United Arab Emirates
- +9718001012437
- Al Barsha
- Ontario Tower - Business Bay - Dubai - United Arab Emirates
- +971564403000
- Business Bay
- Hyatt Regency Hotel, Office No 222A Second floor - Dubai - United Arab Emirates
- +97142522256
- Dubai
- Industrial Area - Industrial Area 5 - Sharjah - United Arab Emirates
- +971502223912
- Sharjah
- Jumeirah 1, Showroom 456 - Dubai - United Arab Emirates
- +97143442000
- Jumeirah
- Gate Village, Building 3 - 05 Sheikh Zayed Rd - Trade Centre - DIFC - Dubai - United Arab Emirates
- +97144255647
- Dubai
- 89WM+JW5 - King Faisal St - Al Majaz 3 - Sharjah - United Arab Emirates
- +971505696129
- Al Majaz
- 5th St - Garhoud - Dubai - United Arab Emirates
- +97145165056
- Dubai
- Signature Auction - 405 4th St - Dubai - United Arab Emirates
- +971502322320
- Deira
- Al Garhoud St. 4 Arcade Building Office # 209 - Dubai - United Arab Emirates
- +97143275553
- Dubai
- 5C6X+5CW - Unnamed Road - Warsan 2 - Dubai - United Arab Emirates
- +97125855555
- Dubai
- 532nd St - Mina Jebel Ali - Jebel Ali Freezone - Dubai - United Arab Emirates
- +97148040809
- Dubai
- Almas Tower - Jumeirah Lake Towers - Dubai - United Arab Emirates
- +971564224258
- Dubai
- 5 Riyadh St - Umm Hurair 2 - Dubai - United Arab Emirates
- +97143030697
- Bur Dubai
- Manama St - opp. Used Cars Market - Ras Al Khor Industrial Area - Ras Al Khor Industrial Area 2 - Dubai - United Arab Emirates
- +97143662058
- Dubai
- Barsha Heights - Dubai - United Arab Emirates
- +97144222657
- Dubai
- 798J+CXH - Al Nahda St - Al Qusais - Al Qusais 2 - Dubai - United Arab Emirates
- +971558666653
- Al Qusais
- 5G23+255 - Dubai - United Arab Emirates
- +971600545454
- Dubai
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Auction Houses in Dubai
An auction house is an organisation that facilitates the selling and buying of assets. It produces fair market value through competitive bidding, allowing the buyer to make smart purchase decisions. Here are some crucial aspects of auction houses in Dubai.
What are the Types and Categories of Auction?
There are two types of participants in an auction: a buyer and a seller. However, the auction can differ depending on single and multiple buyers or sellers. These categories are:
1. Forward Auction:
Single seller and multiple buyers
2. Reverse Auction:
Multiple sellers and single buyer
3. Double Auction:
Multiple sellers and multiple buyers
What are the Advantages of Auction Houses?
There are various advantages of auction houses for every party in the event: the seller, buyer, all bidders and spectators.
1. Speedy Process
Auctions are the fastest sales process from booking your property to the day of auction. Even the contracts will be exchanged then and there.
2. Transparency
As auctioneers deal with a wide range of merchandise, they know the appropriate price and value of a certain property. Some of them even obtain special certifications in personal property or estate appraisals.
3. Finding the Right Buyers
Auction houses attract a varied mix of buyers like investors or builders. Therefore, it is the right place to find potential buyers for an unusual market property.
4. Getting More than Expectation
If your property gathers a lot of buyers at auction and a large number of people bid, it could push the price of your property up.
5. Setting Your Own Value
Auction houses enable sellers to set their own prices. They can decide when to bid, how to bid or how high they want to go.
6. Honesty of Transaction Process
Auction houses are very organised and they have straightforward rules. Auctioneers are bound by a code of ethics that protects buyers from unfair auction practices.
7. Fun and Excitement
As auctions are community events, spectators enjoy when people compete for unique properties. People even do not have pressure to buy.
Auction houses in Dubai serve as dynamic buying and selling hubs for art, culture and commerce. They allow buyers to determine the market value and eliminate long negotiation periods, contributing to Dubai's cultural and economic vibrancy.
The minimum deposit of an auction is 20% of the desired bidding limit for all auctions other than properties.
On settlement of an auction, the buyer pays the balance of the purchase price to the seller in exchange for the title to the property. After receiving the deposit, the seller will give access to the keys to the buyer unless other arrangements have been made. Then, the buyer will take possession of that property.
Yes, bidding on behalf of a buyer is permissible which can include the buyer’s agent, friend or relative. That individual goes up to the selling person or auctioneer to register and presents a signed form.
If you win at an auction, you must pay the agreed price immediately with the rest of the fees. However, if you want to withdraw after winning an auction, you have to pay heavy penalties.
Though exchange takes place immediately on the auction day, traditional auctions have a standard deadline of 28 days. The buyers need to pay 10% of the deposit on the same day and the remaining amount within this deadline.