Property consultant Sherwoods, which is to hold a public real estate auction next week, may whittle down the number of lots from 50 to 20 as it looks to beat down reserve prices to attract buyers.

The firm will auction a mixture of completed and off- plan commercial and residential properties along with plots of land in a bid to kick-start demand in Dubai, after broker Madania Real Estate failed to sell a single lot at its auction on Tuesday amid criticism the homes on offer were too expensive and didn’t represent current market prices.