Amid a strong turnout, Adeer's Al Aalia auction tops half a billion riyals in 60 minutes
Adeer Real Estate, a leader in real estate marketing in the Kingdom, closed major transactions in the capital at the public auction it held for the land plots of the Al Aalia project (Zone 5). Every plot in the project was sold, for a total of SAR 514,707,379 (including the real estate transaction tax and brokerage commission).
The auction, held on Wednesday 14 February 2024 at Al Faridah Hall for Celebrations and Conferences in Riyadh, drew a large, high-calibre attendance of senior business figures and leading real estate investors, which gave it an exceptional character and produced intense competition among participants seeking the distinctive investment opportunities offered by the Al Aalia project.
Muteb Hamed Al-Qahtani, Chief Executive Officer of Adeer Real Estate, congratulated all the investors who secured a position in this leading investment project and expressed full confidence in their ability to turn the distinctive Al Aalia plots into successful real estate developments that contribute to the growth of the real estate market and strengthen the capital's appeal to investment.
Al-Qahtani said the success of the auction and the sale of all available plots at this level of value reflects the strength and depth of the Riyadh real estate market and confirms that the capital leads Saudi cities in attracting real estate investment. Riyadh combines modern infrastructure with extensive employment opportunities created by the major national and international companies based there, alongside a high standard of living that meets every expectation. That has made it a primary destination for living and working, and has given investors an ideal environment in which to launch innovative real estate projects that meet the high and sustained demand for housing in the capital.
