Almost two thirds of those responding to an online poll say they would never buy a property at auction because they would have no real idea of what they were buying.

The survey by Arabian Business comes on the back of the first-ever auction in the UAE that failed to sell a single lot amid criticism the homes on offer were too expensive.

In line with this, 17% of those responding to the poll said they thought auctions were a great way to buy property as knew you had bought a property at the real market value.

However, the largest proportion of responders, at 61%, said they would never buy at auction because purchasers had to put a lot of money down, without really knowing what they were paying for.

arabianbusiness.com