UAE: Disputed Apartments, Buildings Sold For Dh22 Million In RAK Auction
(MENAFN- Khaleej Times)
A number of disputed Real estate properties in Ras Al Khaimah were recently auctioned off, generating a total revenue of Dh21.95 million.
During the auction – held at the main headquarters of Ras Al Khaimah Courts and under the supervision of the Unified Auctions Committee – five out of six listed properties were successfully sold.
“The primary objective of these judicial auctions is to maximise the value of properties for rightful owners and creditors while ensuring that buyers can acquire assets through an open and transparent process,” said Ahmed Mohammed Al Khateri, chief justice of RAK Courts.
The assets included residential and commercial buildings, apartments, agricultural land, and industrial properties - located across different regions of Ras Al Khaimah. Several bidders turned up, reflecting strong demand for such properties.
To enhance accessibility and participation, the RAK Courts also introduced remote bidding options via specialised platforms, enabling investors to bid in real time from anywhere in the world.
Extensive marketing efforts were undertaken to inform potential buyers about the auctioned properties, Al Khateri said. These were advertised on social media and on the court's official website, providing potential buyers with details ahead of the sale.
“With this successful auction, RAK Courts reaffirm their dedication to facilitating fair real estate transactions and protecting the rights of all parties involved,” he added.
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