Amid a large turnout of real estate professionals, investors, and interested parties, prices at the Hatin development auction—organized by the Real Estate Contributions Committee at the Ministry of Commerce yesterday, Tuesday—varied widely, with the price per meter in some lots exceeding the 3,000 riyal mark, thus refuting all speculation and predictions by real estate professionals that property prices would fall.

The auction opened with the sale of the first plot at 2,000 riyals per square meter, and prices rose as investors sought to purchase land with full services. Multiple deals were concluded through the auction, with an average price per square meter of approximately 2,500 riyals. A commercial-residential block with an area of 8,000 was sold for 3,300 riyals per meter, and the most expensive residential plot sold for 2,920 riyals per meter.

It is worth noting that the “Real Estate Contributions Committee” at the Ministry of Commerce and Industry announced yesterday the sale of 163 plots of land in the Hatin Project in Riyadh for more than 417 million riyals.

Yesterday, the Real Estate Contributions Committee put 163 plots of land in the Hatin development up for sale at a public auction. The development is located northwest of Riyadh, within the Hatin Model Development along King Khalid Road (Salbukh), north of the Northern Ring Road and south of Anas bin Malik Road.

The plot sizes vary to meet the needs of different segments of the real estate market, particularly those wishing to build private residences; sizes range from 625 m² to 2,174 m².

The lots offered at the auction are distinguished by their highly desirable location, situated in the heart of the project’s residential neighborhood—which offers nearly complete amenities—and within a residential area considered one of the most prestigious neighborhoods in the capital, Riyadh.