The auction of Al-Suraisari land in Jeddah, which took place on Thursday afternoon in conjunction with the issuance of the decision of the Execution Court in Jeddah, achieved disappointing prices as the total value of the land reached less than 135 million riyals (at 12 thousand riyals per meter), while the previous auction in 2015 achieved about 207 million riyals (at 18,100 riyals per meter), a decrease of approximately 75 million riyals.

Despite the distinctiveness of the land and its strategic location and its view of the Corniche and its proximity to the Hilton Hotel, the East and the Sofitel, and its view of the Red Sea and two main facades, the Corniche Road in the west and Prince Faisal bin Fahd Road in the east in light of its location in a distinctive investment site for the construction of residential and commercial towers, the weak purchasing power and the low price of the auction revealed the reluctance of a large number of real estate investors from buying and their fear of the consequences of the decline in the real estate market movement.

The auction's low price revealed the reluctance of many real estate investors to buy and their fear of the consequences of the decline in the movement of the real estate market.

Tawfiq Al-Sarisari (Al-Sarisari's agent) announced the submission of an objection list to stop this sale, which will not be feasible in providing shareholders' amounts, as yesterday's auction decreased from the first auction, which was close to the amount of 240 million riyals to about 45%. He emphasized that he will rely on a number of regulations and instructions emanating from the articles and provisions of implementation in his objection list.