Mumtalakat's Edamah, Mazad partner for online real estate auction
The auction is expected to allow prospective buyers to bid 'live' on six properties comprising vacant plots of land
The organiser of Bahrain's online and offline auctions, Mazad, and Bahrain Real Estate Investment (Edamah) have revealed their first partnership for the online auction of local real estate at the offices of the sovereign wealth fund Bahrain Mumtalakat Holding Company (Mumtalakat).
The agreement allows Mazad to introduce online auctions to the real estate market in the kingdom in cooperation with renowned specialised auction companies, as part of its asset-sale portfolio, a report by state-run news agency Bahrain News Agency stated.
The auction will commence on 12 April for a period of three weeks, connecting property buyers and sellers [in the local real estate market] online for the first time, and allowing prospective buyers to bid 'live' on six properties comprising vacant plots of land.
The first of the six properties is a 12,000m2 empty plot in Aali, near Riyadat Mall and the Arabian Open University. The remaining five will be announced in March, chief executive officer of Edamah, Amin Alarrayed revealed at the signing ceremony.
Speaking about the online buying and selling experience for members of the real estate industry, Alarrayed, said: "The partnership allows Edamah to benefit from the e-commerce solutions provided by Mazad and is in line with our strategy to be inclusive, optimizing our extensive land bank and providing opportunities for the private sector to develop new properties.
He added: "Online bidding with Mazad ensures buyers everywhere can bid on the same terms as all other prospective buyers and purchase assets fairly and transparently. Investors, real estate companies, developers, and members of the public interested in property acquisition are on an equal footing when property is sold through an online auction process."
Although the partnership is aimed at attracting bids from the investment and business communities, Mazad and Edamah are encouraging the general public to participate and explore the possibilities offered by the property listing.
Participants are expected to deposit a refundable insurance fee, which will ensure reduced sale time and costs.