Economist Dr. Sami Abdulaziz Al-Nuwaiser put forward a number of proposals and recommendations for achieving the best results and returns in real estate auctions, and called for the need to conduct marketing and advertising campaigns in a professional manner, and called for adopting the British approach in this regard, outlining several points that must be adhered to, including:
1- When designing marketing materials for the auction, the source organizing the auction must not be mentioned; that is, the name or logo of the Ministry of Justice and the Enforcement Court must not be included, and the entity must not be identified by name so that the property achieves its fair market value. This also serves to protect the privacy and confidentiality of the party against whom enforcement is being sought.
2- Auctions should be postponed during this period, particularly enforcement proceedings, and no enforcement assessments should be conducted during this time so as not to devalue the real estate asset. Everyone is currently experiencing these compelling circumstances, which make it difficult to predict and determine the economic situation of individuals and the country, as well as their income levels.
3- There should be a marketing campaign to advertise the sale of the property, and it should continue for an extended period, as is the practice in the United Kingdom and other countries, lasting up to three months of listing and advertising or longer, and the real estate asset—without mentioning the court’s name—should be circulated among real estate agencies and the auction organizer to determine the asset’s approximate fair value and provide the party against whom enforcement is being carried out with a final opportunity to complete the sale.
4. The sale must be conducted at the highest price, not the lowest, to minimize the harm to the debtor; the minimum price should serve as a starting point, not the final sale price.
Related Topics: Real Estate – International Trade – Real Estate Sector – Residential Villas – Licenses – Loans – Housing Projects – National Campaign – Real Estate Auctions
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