Revolutionary UK-based Humraz provides hope to buyers and sellers in Dubai
With the failure of the second of Dubai’s conventional property auctions is there room for a radical new method to buy and sell property?
Last week Sherwood’s first property auction attracted a large crowd but failed to sell a single property. Similarly, last month’s auction by Madaniya Real Estate, failed to sell the upmarket homes offered because none of the bids met the reserve.
The main stumbling block is that buyers are not ready, or able, to pay the prices expected by the sellers, who in turn set reserve values that are not met.
A stalemate situation.
But what if you could acquire a property in Dubai at auction for only $50?
Those dreaming of owning a home in the Emirate, but unable to pay cash or raise finance, are being offered a unique opportunity because of a simple but very effective concept.
Humraz auctions work on the basis of charging their members a fee, what they call a ‘seat’, to take part in an auction. The fees are then used to pay for the property. This means that the person who wins the auction has nothing more to pay, not even their winning bid, and the seller receives the full market value.
The auctions are like an exciting online game with all the buzz and adrenalin-rush of an auction, but without the risk of escalating costs.
The first Dubai property on the site is a 4-bed apartment in the established Green Community. Seats for this auction cost around $50.
Owner of the property, Steve Halligan explains: “With Humraz, the Seller covers the costs by selling seats to take part in the auction. As there are a limited number of seats for each auction, each bidder can buy only one seat and all bidders are able to place the same number of bids, so it is a totally level playing field.â€
Â
Once the auction starts, bidders enter their bids online and compete to have the lowest unmatched bid when the auction closes. To make things easier each bidder is able to view live information about their bids and the exact direction of bidding.
Seat holders are only charged when there are enough people to cover the costs. This means that unlike the auctions by Sherwoods and Madaniya Real Estate, Humraz auctions run without a reserve!
Halligan went on to explain: “I first read about Humraz in the UK national newspapers and began to wonder if this would be a good way for us to sell. It is such a simple idea and very powerful. The property is paid for from the sale of the seats, the winner walks away with a home without the worry of mortgages or debt and everyone will have enjoyed the thrill of bidding as the auctions are very entertaining.â€
Â
People who sign-up for an auction know to spread the word, because the sooner the seats are booked up the sooner the auction will run. Plus, it makes sense to get in early as the seat prices rise as you get closer to the auction – much like flight prices are cheaper the further in advance you book them.
Â
To view the apartment visit: (http://www.humraz.com/pub?pg=auctioninfo&aid=108).
   * To help Humraz members get accustomed to bidding, an online simulation is available along with regular free practice auctions.
   * Humraz auctions are classified as legal prize competition and comply with all the relevant laws and regulations. They are not a game of chance or any other form of gambling
   * As many of Humraz’s users are based in the Middle East, it has been assessed by the relevant authorities and determined to be Shariah compliant.
Comments
Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!
You must be logged in to post a comment.