Adeer tops half a billion riyals at the Al Mashriq auction in Khobar in 50 minutes
Adeer Real Estate recorded a notable success at the public auction it held for the land plots of the Al Mashriq development in Khobar on Wednesday 12 March 2025 at the Grand Hyatt hotel in Khobar. All 117 plots offered, covering 247,000 m², were sold within 50 minutes for a total of SAR 618,537,540.51 (including the real estate transaction tax and brokerage commission).
The auction drew strong demand from investors and others active in the real estate sector. Suleiman Al-Harbi, Deputy Chief Executive Officer of Adeer Real Estate, welcomed the level of attendance and said the outcome was a source of pride: “Selling every plot in the Al Mashriq development reflects investor confidence in our projects and their strong investment fundamentals, and it confirms the company's leading position in real estate marketing.” He added: “This development is a qualitative addition to the property market in Khobar, combining a prime location, contemporary design and advanced infrastructure, which makes it an ideal choice for residential, commercial and tourism investment.”
Al-Harbi expects the Al Mashriq development to see rapid urban growth over the next few years, strengthening its investment value and making it a primary destination for buyers seeking premium property in one of the fastest-growing cities in the Kingdom.
The success of the Al Mashriq auction adds to Adeer Real Estate's record of successful property auctions, reflecting the company's commitment to offering valuable real estate opportunities that meet investor expectations and support economic and urban growth in the Kingdom.
