Dammam-Amlak
The seventeenth real estate auction was held in the Eastern Province last week, when three real estate groups offered the Al Noor Gardens scheme in Dammam in a public auction, held at Al Andalus Hall in Dammam, and was sold completely in less than two hours for 49 million riyals, achieving a rewarding return of 40 percent in 12 months.
The auction was attended by a large number of real estate companies specialized in development and construction and investors, in addition to citizens looking for residential lands in the scheme, said Abdullah Al-Duwayan, Chairman of Al-Duwayan Real Estate Group, adding that the auction started according to the requests of the attendees with odd and even plots and blocks, so that everyone can participate in the purchase process.
He pointed out that the plan achieved total sales of 49 million riyals and profitability returns of 40% within a period of about a year, which indicates the high demand for plans located within cities and full services, adding that the Eastern Province has a great need for such plans that serve all segments of society, both citizens and investors.

For his part, Saad Al-Zahrani, Chairman of Al-Mashareq Real Estate Group - one of the owners and developers of the “Gardens of Light” plan - said that the auction prices for internal investment plots ranged between 1160 and 1270 riyals per square meter, and investment plots located on Thirty and Forty streets ranged between 1320 and 1410 riyals per square meter, depending on the location and area.