Situated on Meydan Avenue, M77 comprises 77 one, two, and three-bedroom apartments with stunning views of the city center and Burj Khalifa. The building features amenities such as a full-floor gym, a 50-meter Olympic-standard swimming pool, and a smart keyless entry system.
The developer has set an upper limit for unit rents, offering reasonably priced rentals ranging from AED 105,000 to AED 150,000 for one-bedroom apartments, depending on the square footage, ranging from 900 to 1,650 square feet. The annual rents for two-bedroom units range from AED 215,000 to AED 260,000, while three-bedroom units are priced between AED 250,000 and AED 350,000.
The innovation of this leasing auction system lies in the requirement for tenants to accept invitations and register to participate in the auction. The developer has contacted numerous other agencies through exclusive brokers to compile a vetted list of tenants considered highly suitable for this building.
Moreover, the auction will provide a fair opportunity for all tenants interested in bidding, enabling them to choose their desired housing unit based on their needs and budget.
The developer has already delivered projects worth over 1 billion dirhams in various regions, including Al Barsha, Jumeirah, and Al Safa. The company has built its portfolio around leasing, targeting affluent segments of the rental market. This leasing auction system may become a new trend in the Dubai real estate market.
While the concept of auction tenant systems is not entirely new in the real estate industry, it marks the first use in the Dubai market. According to developer Abdulla Al Shaibani, the idea stemmed from a strong demand. In previous projects, several people attempted to offer higher prices for the same unit, posing a challenge in consistently raising the prices for friends and tenants he knew from previous buildings. Thus, he decided to determine tenants through an openly transparent auction to ensure everyone has a fair chance.
Although the developer anticipates the auction will not last for two weeks, he expects that 50% of the units will be sold on the first day, indicating that this auction tenant system is well-received by tenants and could have an impact on the future Dubai real estate market.
