The real estate community is waiting for the actual implementation of the liquidation of the estate of Saleh Abdulaziz Al-Rajhi after the decision of the General Court in Riyadh to invite interested law firms and accountants to apply to join the liquidation board in accordance with the judicial rulings issued in this regard, in preparation for the start of the auction of the estate (commercial and residential lands and other properties).
The real estate community is waiting for the actual implementation of the liquidation of the estate of Saleh Abdulaziz Al-Rajhi.
Al Rajhi's land areas are reportedly estimated at 110 million square meters.
"Amlak" raised this issue in front of a large number of real estate and businessmen and took their views on this issue and its impact on the land and real estate market.
Unclear mechanism
Mr. Abdul Elah Almoosa (Abdul Elah and Ibrahim Almoosa Company) criticized the announced method that will be applied in relation to the liquidation of the estate of Saleh Abdulaziz Al Rajhi.Apple-converted-space"> pointing out that this method is useless and does not serve the purpose for which the auctions are held and said : I am not optimistic about what will be done, and about the extent of its impact on the real estate market, Al Mousa explained that it will not have a significant impact on the real estate market due to its large size and many products, because Al Rajhi lands are mostly commercial and investors look at them converted-space"> will be a commercial view, adding that the mechanism in this case is not clear to everyone except for investors or marketers only, and that in if the auction fails, those who organized it will have to bear the costs.
<p class="p1The market is not affected by a particular auction
Australian Khaled Al-Saab (Aswar United Company) emphasized that the real estate market is not affected by a particular auction negatively or positively, explaining that converted-space"> Saleh Al Rajhi's sons have a lot of liquidity and investments, as well as their purchasing power to buy the property (in the auction in question) when it reaches the price of .He said that the market is large and cannot be affected by a sale movement, whether through an auction or otherwise, expecting that the auction procedures will pass normally like him and other auctions, but people and the media are talking about the procedures for liquidating the estate of Saleh Al-Rajhi before its launch due to that Al-Rajhi is a big name in the field of various investments.
Support from banks and investment entities
Bandar Al-Duhaik (Anan Company) predicted that banks and real estate-related authorities will provide great facilities to help the auction process of Saleh Al-Rajhi, and Al-Rajhi's sons may enter strongly to buy the estate with their great financial capabilities, especially since Al-Rajhi's projects are investment projects and occupy strategic locations and this is what investors in the field of real estate in general are looking for.
<p class="p1Moving the real estate market
Real estate expert Engineer Muhannad Al-Turki pointed out that the size of Saleh Al-Rajhi's lands , which is estimated at about 110 million square meters, according to what some real estate authorities indicated are considered huge areas, so the launch of <span class="Apple-converted- the auction and putting the pieces up for sale will be in the public interest and will move the real estate and housing market and will have an impact in the near rather than far term, especially since most of these lands occupy distinctive and strategic locations, which will make real estate and businessmen scramble in the auction to own pieces of them in order to invest and develop them in the residential and commercial field.
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