The Makkah Chamber of Commerce and Industry plans to hold a real estate auction on the evening of Monday, the 26th of this month, under the supervision of the Third Division of the Enforcement Court. Mohsen Al-Surouri, a member of the Chamber’s Real Estate Committee, expects the auction proceeds to range between 75 and 80 million riyals, given the presence of commercial properties with good floor areas located within commercial districts.

Al-Sarouri added that organizing the auction is part of the Chamber’s commitment to fostering a favorable real estate environment, fulfilling the mission of government agencies, achieving the highest market value for the properties on offer, and bringing together investors, developers, and property owners under one umbrella. More than 100 leading real estate figures from the Kingdom and the region, as well as two-thirds of real estate companies, are expected to participate in the auction.

The auction offers seven real estate opportunities, including a 64,431 m² farm in the Al-Nawariya neighborhood of Makkah and a 1,203 m² investment plot in the Al-Zahir neighborhood of Makkah, where pilgrim housing andtraining facilities, as well as a four-story building, also in Al-Zahir; a 11,631-square-meter plot in Al-Nawariya; a 900-square-meter plot in Al-Zahir; and a residential building in Al-Umrah with an area of 800 square meters.

Al-Surouri emphasized that the auction will be organized transparently and in accordance with established practices, providing all parties in the real estate market with essential information. He stressed that the widespread launch of auctions will revitalize demand and identify the areas or types of properties that remain in high demand.