Property deals worth more than SAR 635 million close at Adeer's Teejan auction in Riyadh
The curtain came down today, Wednesday 18 October 2023, in the capital Riyadh on the anticipated real estate auction that Adeer organised to sell the Teejan land and properties, with the auction closing major transactions totalling SAR 635,102,888 (including the brokerage fee and the real estate transaction tax).
The capital's real estate market had been waiting for the auction to open, given the scale of the opportunities it offered investors: 5 model plots, fully developed and serviced and ready for immediate construction, in the Al Hamra district; and 4 rare opportunities in existing properties ready for immediate investment across residential and commercial uses, located in the capital's most important and busiest districts (Al Murabba, Al Wizarat, Al Muhammadiyah, Al Zahra).
The auction, held at the Al Fareeda Hall in Riyadh, saw intense competition among leading investors, business figures and developers, and closed with every opportunity sold at record speed in successful real estate transactions that made their mark on the capital's real estate market and that represent a starting point towards the broad investment landscape Adeer has opened up for its clients.
The auction came amid the clear real estate activity under way in Riyadh, in step with the capital's ambitions and with Saudi Vision 2030's goal of making it one of the 10 largest city economies in the world, a global logistics hub and an attractive place to live, work and invest, with a high quality of life and the highest standards of comfort for its residents.
