Adeer's Darb Al Haramain auction draws leading investors and nears half a billion riyals in sales
Adeer Real Estate sold the Darb Al Haramain development for a total of SAR 495,684,581 (including the real estate transaction tax and brokerage commission) at the hybrid auction it held on Wednesday 6 March 2024 at the Radisson Blu Hotel, Jeddah Plaza. The result, achieved before a notable turnout of leading real estate investors and business figures seeking exceptional opportunities, underlines the strength of the Kingdom's real estate sector.
Suleiman Al-Harbi, Deputy Chief Executive Officer of Adeer Real Estate, welcomed the auction's strong result, which reflected the extensive work of the team across marketing, planning and organization. He pointed to the quality of the opportunities offered in the Darb Al Haramain development and their appeal to investors and to those building their future portfolios, and congratulated everyone who secured one of the development's model plots, which open the way to promising investment and rewarding returns.
He added: “The strong demand and intense competition seen at the auction reflected deep confidence in the real estate market in the Kingdom and confirmed the quality and distinction of the real estate projects we offer. We are proud to be contributing to Saudi Vision 2030 by providing value-added investment opportunities for investors that feed through to the national economy, and we look forward to further success.”
Closing his remarks, Al-Harbi underlined the importance of real estate investment in Jeddah, which holds a special position as one of the Kingdom's most significant economic and tourism cities and is a vital investment hub. He confirmed Adeer Real Estate's commitment to offering innovative and attractive real estate opportunities across the regions of the Kingdom that meet investors' needs and expectations, support economic activity and strengthen the Kingdom's standing as a leading real estate investment destination in the region.
