“My two biggest regrets in life were not inventing Facebook and not being in Dubai for the last property boom,” says Adham Saleh, the Dubai-born entrepreneur who is due to launch the website Ezayed this month.

It was these regrets that inspired Saleh’s latest business venture, the UAE’s first privately owned online property auction website Ezayed.com.

Ezayed is reported to be the first RERA (Dubai’s Real Estate Regulatory Authority) certified company authorised to conduct private auctions. 

The auctions will have a physical component in the UAE but they will also be live-streamed globally.

That means potential buyers in Los Angeles or Hong  can take part in real time.

“Auctions have been used in the West to promote a healthy property market for a long time now and I think the concept is still fairly new here.” says Saleh.

There have previously been property auctions in the UAE but none have been entirely privately run.

Past auctions were overseen by authorities such as the Dubai Land Department.

Saleh is aware of the time it will take for consumers to become accustomed with the idea but is confident it will be successful, adding that it is about getting a "good deal".

There will be four each year, each auction consisting of 25 properties, which will range in price between $136,000 and $1.36 million.

Importantly, all of the properties on offer will be at least 10 per cent below market price; they will include homeowners looking to sell their properties quickly and distress sales.

“Ezayed creates urgency,” says Saleh.“We have given them a specific date and told them this is when your property will be sold.”

GlobalCitizen.com reports that there is an increasing trend among both UAE and global retailers to move more towards online shopping, which is likely to work in Ezayed’s favour.

But with the internet heavily inundated with UAE property, he is aware it will be a challenge to ensure it captures the right type of traffic.

That’s one reason why the website is not interested in off-plan developments.

It will only list completed property on its website and auctions, as Saleh believes the incentive of a sale is enhanced when there is a physical product on offer.

Additionally, there will be no charges for buyers whatsoever, with all of Ezayed’s revenue generated from the seller and from advertising on the website.

With a four per cent charge on sellers on the total sale price at auction, this might be a factor that could win over potential homeowners.