The Elite Auction, organized by the State Property Authority at the Ministry of Finance in cooperation with the Real Estate Contributions Committee at the Ministry of Commerce in Riyadh, was a great success in terms of the quality of attendees, which had a positive impact on sales, with the total value of sales for 72 lots reaching approximately 330 million riyals, while the Ministries of Interior and Islamic Affairs requested the reservation of 12 lots for their respective needs.
The auction took place on Tuesday and Wednesday (September 8–9) to sell a large number of residential and commercial plots scattered throughout the Al-Ra’id, Al-Rahmaniyah, and Al-Muhammadiyah neighborhoods—all part of state-owned property unsuitable for use by government agencies or public facilities—to citizens.
84 plots in the Al-Ra’id, Al-Rahmaniyah, and Al-Muhammadiyah neighborhoods
The auction saw a large turnout of real estate professionals and visitors during its run in the Al-Nakhil neighborhood, and was characterized by excellent organization, which facilitated the bidding process and contributed to the auction’s success. A total of 84 plots of land were offered, distributed by neighborhood as follows: (12) plots in the Al-Ra’id neighborhood, (23) plots in the Al-Rahmaniyah neighborhood, and (49) plots in the Al-Muhammadiyah neighborhood. The organizing committee reserved 12 plots for the Ministries of the Interior and Islamic Affairs.
Al-Ra’id and Al-Rahmaniyah Commanded the Highest Prices
The auction yielded favorable prices, with prices per square meter for the sold plots ranging from 3,150 riyals to 7,100 riyals; The Al-Ra’id neighborhood recorded the highest price per square meter at 7,100 riyals per square meter for a 1,750-square-meter plot, which sold for a total of 12,425,000 riyals, while a plot in the Al-Rahmaniyah development recorded the lowest price at the auction; it sold for 3,112,200 riyals, after the price per square meter settled at 3,150 riyals.
Meanwhile, the highest price for lots in the Al-Muhammadiyah neighborhood was recorded at 7,050 riyals per square meter, and the lowest price at 3,950 riyals per square meter.
Real estate may falter, but it never dies
The Elite Auction proved the truth of this timeless saying, and the prices achieved at the auction came as a relief to landowners who were apprehensive about the consequences of the tax decision on undeveloped land, Real estate brokers affirm that this auction yielded significant profits for them and shed light on the stagnation that had cast a shadow over buying and selling activities, while disappointment set in for many who dream of stability and of purchasing land that would offer them new hope in life—a place to build their future home.
Transfer and Delivery of Land Deeds
His Excellency Dr. Walid bin Muhammad Al-Samani, Minister of Justice and President of the Supreme Judicial Council, directed a number of notaries to complete the immediate transfer of title to the new landowners after they had presented the required legal documentation to finalize the transfer and receive the land deed directly at the auction site.
His Excellency’s directives stem from the Ministry of Justice’s—represented by the Ministry’s Agency for Notarization Affairs—belief in the importance of expediting notarization procedures while maintaining accuracy in the process and the confidentiality of information, in order to support the Kingdom’s local economy and preserve real estate wealth.
