The online auction on Alphabeta Properties commenced on January 21 and is expected to continue for approximately two weeks.
On Meydan Avenue, Alphabeta Properties unveiled its residential project M77 last Sunday, introducing a distinctive approach to rentals. M77 is set to select its residents through an exclusive online auction, a pioneering concept in Dubai’s real estate market.
The luxury building comprises 77 apartments with 1, 2, and 3 bedrooms, providing stunning views of Downtown and Burj Khalifa, a full-floor gymnasium, a 50-meter Olympic-sized pool, a smart keyless entry system, and various other amenities.
The developer has capped the rentals, with 1-bedroom apartments ranging from Dh105,000 to Dh150,000 annually, depending on the size, which varies between 900 sqft to 1,650 sqft. Similarly, the annual rent for 2-bedroom units, ranging from 1,800 sqft to 2,000 sqft, falls between Dh215,000 to Dh260,000. Meanwhile, 3 BHK rentals cost between Dh250,000 to 350,000 per annum.
The online auction on Alphabeta Properties commenced on January 21 and is expected to run for two weeks. Prospective tenants need to register, and those shortlisted will receive invitations to participate in the auction and visit the properties in person.
Having already delivered projects worth over Dh1 billion in various localities like Al Barsha, Jumeirah, Al Safa, among others, the company has focused on leasing, targeting the affluent rental market segment.
Abdulla Al Shaibani, founder of Alphabeta Properties, remarked, “It’s safe to say that the invite-only rental bidding auction system is probably the first of its kind. I am not aware of anything similar to this for rent. For sale, yes, it has been done in the past.”
Al Shaibani explained that the idea for an online auction originated from strong demand and the challenge of managing bids from multiple parties in their previous projects. Holding an auction ensures transparency, giving everyone a fair chance to bid for the desired unit.
He anticipates a swift auction process, estimating that 50 per cent of units will be off the market on the opening day, Sunday, due to the high demand for their properties.
“Our philosophy is that the best building in the area will always be occupied and will always be in demand. The rates we are able to achieve are easily 20-30 per cent above the market rate,” said Al Shaibani, emphasizing that while not a serviced apartment, M77 offers a bundle of amenities akin to semi-serviced apartments, including maid service and cleaning.
