WNAM Monitoring: In a first of its kind in the UAE, a Dubai property development and management company is adopting a unique auction system to select tenants. Unlike the conventional practice where tenants choose the buildings to live in, this move marks a shift in the region’s real estate landscape.
On Sunday, Alphabeta Properties launched its residential project M77 on Meydan Avenue, introducing unconventional rental procedures. M77 will determine its residents through an invite-only online auction, a unique concept in Dubai’s real estate market.
Comprising 77 apartments of 1, 2 and 3 bedrooms, the luxury building offers Downtown and Burj Khalifa views, a full-floor gymnasium, a 50-meter Olympic-sized pool, a smart keyless entry system and other amenities.
The developer has caped the rentals of the units with 1-bedroom apartments ranging between Dh105,000 to Dh150,000, depending on the size, which ranges between 900 sqft to 1,650 sqft. Similarly, annual rent for 2-bedroom units of 1,800 sqft to 2,000 sqft range between Dh215,000 to Dh260,000. At the same time, 3 BHK rentals cost between Dh250,000 to 350,000 per annum.
