Abdul-Salam Qadi Falatah, the judicial auctioneer at the Enforcement Court in the Holy City, announced that a real estate consortium had successfully won the bid for properties put up for sale last Thursday, covering an area of 50,000 square meters, spread across three locations. This followed broad agreement among the owners, which allowed for flexibility and facilitated the auction’s success on the first attempt.
A source at the Enforcement Court in the Holy City confirmed the successful sale of 1,95TP3T of the properties put up for sale in 2017, indicating real momentum in investment opportunities led by consortia and groups of various levels, including companies that have notably emerged in this field, positioning the real estate sector in Makkah as a guiding force for the Kingdom’s real estate sector.
On the sidelines of the “Mahbas al-Jinn” auction—considered the largest of its kind for the sale of the last major undeveloped plots of land situated between the Grand Mosque and the Holy Sites—a virtual reality service was launched, which allows interested parties to view the plots in full detail,” in the presence of Mishari Al-Hazmi, representative of the President of the Enforcement Court in Makkah; the Deputy Judicial Sales Officer; and Ibrahim Al-Bardisi, Secretary-General of the Makkah Chamber of Commerce and Industry.
For his part, Judge Falatah noted that the introduction of virtual reality (VR) technology facilitated the sale process by allowing the buyer to virtually stand on the property being offered, a service provided for the first time in public auctions, after training young Saudis to use and operate the technology.
He said, “Fander donated a portion of its share of the auction proceeds to charitable organizations in Makkah,“ and added: ”Our country’s development vision requires us to engage with and keep pace with it, so that we may all move forward on a steady path,“ noting that the properties in question are set to transform the landscape of Makkah, as they can contribute to the hotel sector, especially since all of them exceed 10,000 square meters in area, which places them under the supervision of the Makkah Development Authority, making them distinctive projects, in line with Vision 2030, which aims to expand the accommodation sector to accommodate the targeted number of pilgrims.
For his part, Ibrahim Bardisi described the ”Mahbas al-Jinn“ as a springboard for the real estate sector following a period of stagnation, noting that the VR service is a unique experience that could be rolled out across the Real Estate Committee’s operations at the Makkah Chamber of Commerce.
