Stock-Alphabeta-Properties-(rental auction)
The Dubai property market has seen many trends take hold. Will 'rental auction' be the next big one? Image Credit: Supplied

Dubai: Even a ‘rental auction’ in Dubai is proving a winner as the city’s property market continue to soar.

A project by the developer Alphabeta Properties called the ‘M77’ - located at Meydan Avenue - called in bids from those who wanted to rent units at the building. Said to be the first ‘rental auction property’ in Dubai, all units were ‘fully booked within a mere two weeks’ of the bidding starting, according to the developer.

Around 70 per cent of bidders opted for 'rent now' option, and ensuring their units at a ‘premium of 60 per cent above the market value’.

“A waiting list will be maintained to accommodate any cancellations, providing an opportunity for those who missed the initial booking phase,” said the developer.