If you can’t sell it, auction it. That seems to be the mantra many in the United Arab Emirates’ troubled real estate market have adopted as they try to offload properties. On May 19, Madania real estate company took the lead by auctioning four properties. Sherwoods, a real estate consulting firm, followed suit and auctioned 21 lots on June 4. Coldwell Banker also received a permit from the Dubai Land Department (DLD) and is planning to conduct an auction this summer. But the auctions have run into some problems. Despite more than 100 people showing up at the Sherwoods auction, not one property was sold out of 24 on offer. “There’s so much bad news, everyone’s scared and is holding on to their money… If I had access to the sort of money being asked for, I would buy,” Anwer Moola, a Dubai property owner, told The National newspaper. “A
