A car registration plate bearing just the number one fetched $4.9 million at auction in Sharjah.
Emirati Arif Al Zarouni was the winning bidder the on plate number. His bid was 18 times the reserve price but is not the highest sum that has been paid for a collector’s registration plate in the UAE.
In 2008, $14.2m was paid at auction for the number one plate of the Abu Dhabi emirate.
Sixty sought-after plates were up for sale at Saturday’s auction, held by Emirates Auction in collaboration with Sharjah Police Headquarters.
The most popular numbers were 12, 22, 50, 100, 333, 777, 1000, 2016, 2020 and 99999.
Number 12 was sold at Dh2.07m, while 22 fetched Dh2.08m. The auction made a total of $13.6m.
The number of registered bidders was 1,340, which is a record in the UAE.
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Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.