UAE residents can soon bid on rents for luxury apartments as auction for high-end properties announced
- Ferruh Bilgin
- Mar 28
- 3 min read
Currently in its soft launch phase, Bidbayt app will offer a range of properties including houses, offices, and warehouses in high-demand areas.
Bidbayt founders from L-R. Abdullah bin Saad bin Ghoneim, Khaled Yaser Mir Abdullah Amiri, Abdulla Ahmed Majjan.
A first-of-its kind platform in the UAE is transforming the way high-end luxury properties are rented by introducing a bidding system.
Currently in its soft launch phase, Bidbayt will offer a range of properties including houses, offices, and warehouses in high-demand areas. The highest bidder will have the opportunity to secure the property.
“There are a lot of premium properties on the rental market that people are ready to pay above the market price for,” said Khaled Yaser Mir Abdullah Amiri, the CEO and co-founder of the app. “We have created a place for such rentals to be auctioned off to the highest bidder in a convenient and easy format.”
Bidbayt, which is set to launch fully in the coming weeks, was co-founded by Emirati finance professional Khaled Yaser Mir Abdullah Amiri, UAE national corporate and governance law expert Abdulla Ahmed Majjan, and Saudi lawyer Abdullah bin Saad bin Ghoneim. The founders claim their app can boost rental income by up to 20 per cent and reduce the time to lease a property by 30 per cent compared to traditional methods.
“We have seen a lot of interest in the app and already have properties worth more than Dh100 million combined on the platform,” said Khalid. “We have seen the highest demand in areas like Palm Jumeirah, Jumeirah and DIFC. The listings include warehouses, houses, shops and offices.”
Solving a problem
The idea for Bidbayt came to Khaled after experiencing a rental pricing dilemma. "I own two identical townhouses in Al Barsha," he said. "One I rented for Dh400,000, while the other rents for Dh500,000. So, I began questioning where I had gone wrong in pricing them, and thought it would have been great if I could have held an auction for them. That's when the idea was born."
Khaled then teamed up with his co-founders, each bringing expertise in their respective fields. “First we thought of doing auctions for property sales,” he said. “But with my own experience, I suggested auction for rentals.”
Supported by the Mohammed Bin Rashid Establishment for SME Development (Dubai SME), the app was recently recognised as one of the top 10 proptech companies by the Dubai Land Department. It has been approached by several government agencies and are in discussions to explore how to replace in-person auctions with Bidbayt’s app auctions.
Landlords can easily list their properties on the platform by registering and blocking a small amount on their credit card. “It is a very easy process, and we wanted to make it accessible to everyone,” said Khaled. “Since we are in the soft launch phase, the listing is free for all landlords and agencies for the first three months. Thereafter, we charge a nominal fee of Dh299 per listing.”
The app charges a commission fee of 0.5 per cent on finalised rental agreements and a Dh100 fee for winning bids. “We are hoping to start our first bidding process this month,” Khaled said.
Khaled shared that the development of the app itself posed significant challenges for the team. “I thought it would take two or three months, but it took us an entire year to develop."
"We faced challenges at every stage, from the payment gateway to the technical processes. However, we wanted to make sure everything was done thoroughly, so we didn't rush it.”
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