Adeer's La Perla auction reaches close to SAR 400 million in 15 minutes
Adeer Real Estate, a leader in property marketing in the Kingdom, sold a single investment site extending over 180,000 square meters at its La Perla auction, held on Monday 9 September 2024 at Al Maha Hall, Kempinski Al Othman Hotel in Khobar, before a large turnout of leading businessmen and property investors. The site sold for a total of SAR 388,350,000, inclusive of the real estate transaction tax and brokerage commission, confirming Khobar's standing as a destination for real estate investment.
The auction drew exceptional interest, with intense competition among participants who recognized the scale of the opportunity offered by La Perla, given its strategic position on the Khobar Corniche and its direct frontage on the Arabian Gulf.
Muteb Hamed Al-Qahtani, Chief Executive Officer of Adeer Real Estate, welcomed the success of the La Perla auction and the sale of the land, and congratulated the investors who secured the opportunity.
Al-Qahtani said the result reflects the strength of the property market in the Eastern Province and the quality of the asset offered, and confirms the appeal of Khobar as an investment and residential destination, supported by its strategic location and advanced infrastructure. The city is growing quickly, with rising demand for prime property, giving investors an ideal environment.
