There has been a lot of talk in the last two days about <b>Madania Real Estate</b> 's . More info from Emirates Business 24/7 . <b>Anil Bhoyrul</b> , of Arabian Business, - it was an indication that the market is only going to get worse. (He also mistakenly calls it the UAE's first property auction. There have been auctions for property in Dubai for years. See and .) He writes: I agree that it may be an indication that the market has not found a bottom. When Madania first announced the auction in mid-April, I called <b>Blair Hagkull</b> , the head of the regional operation of <b>Jones Lang LaSalle</b> , to get his opinion. He told me that "auctions work well in boom times and in tough times". Usually, during the latter period it is banks and financial institutions that host these auctions to get rid of property on their books that buyers have defaulted on, not brokerages. Mr Hagkull went on to say that the market was probably not quite ready for auctions as a "widespread sales mechanism", but it could help establish a clear market value. Until some indication of that comes, people will keep waiting on the sidelines.