Medina saw the sale of 53 properties through 8 online auctions worth approximately 168.6 million riyals during the month of February, according to the Enforcement and Liquidation Center “Infaaz”.
Real Estate Market Recovery in Madinah
The Center stated that Madinah witnessed active real estate market activity last February, following the sale of 53 properties through 8 electronic auctions supervised by the Center and authorized by a decision of the Enforcement Court.
The “Enforcement“ Center added that the properties sold ranged from commercial to residential land. In addition to residential apartment buildings, commercial buildings, and single-family homes, the Center explained that the sale of 8 properties was completed at the “Rehab Yathrib” auction, held from February 25 to 29, for approximately 41.4 million riyals.
10 Properties Sold at the “Bashair Al-Madinah” Auction
Similarly, 10 properties were sold at the “Bashair Al-Madinah” auction, held from February 11 to 15, for approximately 34.6 million riyals. The “Tharwat Al-Madinah” auction was also held from February 4 to 7, during which 7 out of 28 properties were sold for approximately 6.7 million riyals. Meanwhile, the “Shurooq al-Madinah” auction recorded sales of approximately 2.6 million riyals for two properties.
These sales are a positive indicator of improving activity in the real estate market in Madinah. They also underscore investors’ interest in investing in Madinah, particularly in light of the city’s ongoing urban development.
It is worth noting that the real estate market in Madinah saw a marked improvement during 2023, with property prices rising by 10% compared to 2022. Various factors contributed to this improvement, including population growth, the city’s ongoing urban development, increased investment in the city, and lower interest rates.
Among the most significant real estate sectors that saw price increases were commercial and residential land, as well as residential buildings. Meanwhile, some other sectors experienced price declines, such as single-family homes and agricultural land. Real estate experts expect the real estate market in Madinah to continue improving through 2024, particularly in light of ongoing urban development and population growth.
