The recent auctions in Riyadh last week revealed the strength of the real estate market and the desire of many investors to take advantage of the real estate opportunities that appear from time to time, and the strength of demand contributed to a noticeable increase in prices, but the prices of real estate in auctions reach amazingly high prices that are not at all commensurate with the technical and quality specifications of the property; this is something that must be thought about seriously and quickly so that auctions do not lose their credibility, although some auctions represent good and varied occasions to hunt opportunities.<\/p>\n
However, what we witnessed in the first real estate auction held under the supervision of the Execution Court after Eid al-Adha carried many puzzling questions, as it was different from the expectations of real estate professionals, and the attendees were surprised that prices did not fall to the expected extent, as the prevailing feature was the contrived bidding by some beneficiaries.<\/p>\n
During our presence at the auction, we met many of those wishing to buy by bidding and asked them about their impression of the situation? They reported with great sadness, \u201cWe came to the auction planning to seize a real estate opportunity at reasonable prices commensurate with the market and we are fully prepared to engage in fair competition with our certified checks, Unfortunately, the prices jumped above our estimates.\u201c Some added, \u201dWe thought we would find opportunities if things are going normally and balanced with the market, because of the expectations of falling prices, but all our wishes were quickly dashed when the attendees started bidding.\u201d.<\/p>\n
Here, we reveal important secrets that were the result of this unjustified price hike, and a questioner may ask in astonishment, \u201cReal estate is going down. Why are prices going up at auctions?<\/p>\n
What many people don't realize, unfortunately, is that not all bidders are equal in terms of liquidity and cash, and there are those who bid without cash - how?<\/p>\n
The bitter truth that negates the fairness of auctions is that those who bid are the heirs, they do not buy with cash, and when he bids, he says, \"I am one of the heirs and that's enough! This gives them additional power, so it is in their interest to play the music of prices until he reaches the price that satisfies his ambition as an heir before being a buyer, in addition to those who increase prices from those who do not intend to buy, only to inflame prices, and if the average buyer is not careful, he will be involved with them in drawing a distorted picture of the real estate scene. The auctions saw a good preference for strategic locations regardless of their current income, which may not exceed 3%.<\/p>","protected":false},"excerpt":{"rendered":"
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