All
property auctions on DubaiPropertyAuctions (DPA) have a Reserve Price which is set by the Seller.
A
Reserve Price is the minimum price that a Seller is willing
to accept for the property. As
a bidder, you are not shown the Seller's Reserve Price. You are however shown whether
the Reserve Price has been met or not. The
Seller is not obligated to sell the property if the Reserve
Price is not met. The
winning bidder must meet or exceed the Reserve Price and
have the highest bid.
When
you are bidding in a property auction, enter the maximum
amount you are willing to pay for the property. Watch the Property Details page to see whether the Reserve
Price has been met.
Note: Once the property auction has started, the Reserve Price cannot be increased by the Seller but can be reduced at the Seller's discretion. This can be done to generate more interest in the property from potential bidders. When the Reserve Price is reduced, an email/SMS notification will be sent to all bidders indicating that the Reserve Price has been reduced.
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