Sale of first repossessed property confirmed in Dubai by Barclays | Middle East | News
Barclays Bank has completed on the sale of its first repossessed property in Dubai in a move that is expected to open the floodgates for other lenders to do the same.
Some market experts say it is good news as it may signal the start of liquidity returning to the mortgage market but others point out that the release of repossessed homes onto the market must be carefully managed to avoid a further down turn in prices which have already fallen up to 60% since the peak of late 2008.
Barclays confirmed that it had sold its first repossessed property at an auction held by the Dubai Land Department. The property, a villa in The Springs, had a reserve price of AED1.2 million ($326,700) and sold for AED1.22 million ($332,145), a spokesperson for the bank said.
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