In less than four hours, the first auction of the estate of Sheikh Saleh Al-Rajhi - may God have mercy on him - ended its work, achieving unprecedented success through its final results, which revealed the strength of the Saudi real estate market in preserving its assets and attracting national capital to continue its investments in this sector.<\/p>\n
It is to the credit of the company marketing the estate and the Liquidation Board that they did a good job of preparing for the auction, which was reflected in the final outcome, as this auction is considered a pioneer and a model for the entry of investors with a strong desire to buy, preceded by consultations and studies, which were preceded by consultations and studies.\u00a0 <\/span>While there was a sincere intention by the auctioneers to sell, which created a strong competition that showed the true and meaningful value of the properties.\u00a0 <\/span>Real estate investors pushed their money back into the market (644 million riyals).<\/p>\n This situation confirmed what Amlak newspaper went through in one of its surveys about the impact of the sector on the liquidation of Al-Rajhi's estate, so the expectations of specialists and experts were exactly in place; that the strength and durability of the real estate market will not be affected by the liquidation and prices will not collapse, but will reveal that the market will swallow 452 properties with ease and smoothly because they are part of the whole, and because there are definite desires, as mentioned above in buying and selling, but at certain prices based on supply and demand theory.\u00a0 \u00a0<\/span><\/p>\n According to the newspaper's coverage team, the auction proceedings were preceded by many procedures and intensive movement by the liquidation board and the companies that intend to enter the auction by outsourcing the real estate valuation processes to specialized entities.\u00a0 <\/span>The companies must have spent a lot of money, but the auction turned the tables on them and the properties achieved prices that exceeded the real estate appraisers' estimates, effectively knocking them out of the bidding.<\/p>\n \u00a0 <\/span>The final prices reflected the solidity of the real estate sector, the huge liquidity and the extent of its absorption of various types of real estate and investments, and the best witness is the price reached by the Twarn Center (246 million riyals), and here an important question arises after the great discrepancy that was evident between the appraisal price and the price of the property; was there a defect in the real estate valuation estimates, which misled the companies entering the auction? Or is the real estate market wrong? A third opinion may confirm his confidence in the future of the market and expect the market value of real estate to reach more than what is expected, and this will create an economic movement in the movement of strategic and influential real estate trading.<\/p>\n From all of the above, we expect that Al Rajhi and other auctions will continue to excel in restoring confidence to businessmen and investors, announcing the near end of the recessionary period that has overshadowed the sector despite the continued economic recession and its direction, and here we must commend the liquidation board's behavior in the immediate return of certified checks from unsuccessful applicants.<\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>\u0641\u064a \u0623\u0642\u0644 \u0645\u0646 \u0623\u0631\u0628\u0639 \u0633\u0627\u0639\u0627\u062a \u0623\u0646\u0647\u0649 \u0627\u0644\u0645\u0632\u0627\u062f \u0627\u0644\u0623\u0648\u0644 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