The massive silhouette piercing the Dubai skyline is immediately recognized, widely admired and highly sought after as a prestigious address for global business leaders. The Burj Khalifa, the world’s tallest building, revels in many accolades; the newest one being home to the first ever online real estate auction in Dubai. The current owner of an entire corporate floor above the 110th story has taken the bold and historic step to sell the property through an online auction on the Freedom Realty Exchange, an industry-leading online real estate auction platform.
As the first-of-its-kind auction to occur in Dubai, the online event is expected to attract global attention not because it is as progressive and innovative as the city with a reputation of pushing the envelope, but because of its premier location and low opening bid.
Recent reports indicate that the real estate market in Dubai is improving, mostly on the residential side, as the commercial and office market remain sluggish with sellers looking to sell quickly yet mitigate any loss in price. Auctions have proved to be effective where supply is high and demand is low; case in point with many of the corporate suites in the Burj Khalifa.
The international appeal of the Burj Khalifa lends itself perfectly to an online auction as the barrier to entry for interested buyers is removed when the ability to bid is available directly from their own computer, laptop or tablet, regardless of where they are located in the world.
Facts about the Burj Khalifa
- It stands over 828 meters or 2,716 feet tall with more than 160 floors with panoramic views of the Dubai skyline
- 76 elevators and 8 escalators are installed in this “vertical city”
- The exterior of the Burj Khalifa has 26,000 glass panels covering a total area of 142,000m2
- Anchored by the Giorgio Armani designed Armani Hotel Dubai, the building also features Armani-themed condominiums and ultra-luxury residences
- 11 hectares of stunning greenery and awe-inspiring water features serve as the outdoor living space of the vibrant downtown address
- The Corporate Suites and The Offices occupy 37 floors with an express elevator transporting visitors directly to the corporate lobby on Level 123
Facts about the Online Auction
- LFC International Real Estate Brokerage, LLC., a licensed auction and real estate brokerage in Dubai, UAE, is conducting the auction
- The minimum bid is AED 19.900.00 or just over $5.4MM
- Bids must be submitted by June 28, 2012
- Interested buyers must register a user account on the auction website; Freedom Realty Exchange website FRE.com/117R7
- All bidding in the auction is conducted online
Quotes
“As far as notable real estate auctions, this one tops them all”, states Bill Lange, president and CEO, LFC Group of Companies. “Regardless of the notoriety of the Burj Khalifa, the auction will attract serious buyers who understand that this is an once-in-a-lifetime opportunity to purchase an entire corporate floor in the Burj Khalifa at a price they determine through online bidding.”
“Dubai is a global community and what better way to reach the global buying market than with an online auction where anyone interested in purchasing the property can do so no matter where they are in the world”, said the property owner. “I’m also very excited that the auction presents a date certain for sale by compelling buyers to get involved now or risk someone else taking advantage of the auction sale.”
The Freedom Realty Exchange®
The Freedom Realty Exchange is owned and managed by LFC Internet Marketing, Inc., a member of the LFC Group of Companies. For over 30 years, the LFC Group of Companies has successfully auction marketed thousands of office, commercial, industrial, land and residential properties worldwide, with sales in excess of $5 billion. Clients include numerous Fortune 500 companies, real estate developers, investors, financial institutions, government agencies and real estate brokerages.
