53,000 Square Meters of Land in Makkah to Be Sold at Auction

October 2, 2017

Makkah- Makkah would witness next Thursday a real-estate auction on three lands of a total space of around 50,000 square meters and worth more than one billion riyals (USD266 million) — the three lands are located inside the central region.

The first land is located at King Khalid Road and is 13076.68 square meters, while the second is located near King Abdul Aziz Road and is of a total space of 6093.70 square meters. As for the third, it is of 34651.14 square meters near Qatari mosque.

Abdul Salam Qadi Flatah, a real estate agent in the implementation court at the Ministry of Justice, said that this auction goes in tandem with the constructional revolution approach and the economic revival taking place in Makkah following a successful pilgrimage season.

Flatah affirmed that the state has provided variable privileges for the investors in the central region, knowing that possession was previously restricted to citizens. This backs Saudi businessmen and goes in line with the Saudi Vision 2030.

He assured that the real estate sector in Makkah will start its recovery period after it was facing a low supply. Flatah said that putting up the lands for sale will urge investors to seize the chance, reviving most of the sectors in Makkah in the upcoming period, especially real estate and retail.

The direct supervision of Makkah Region Development Authority on most of the development projects (more than 10,000 square meters) is among motives attracting real-estate investment in the central region, Flatah pointed out.

Source: Asharq al-Awsat.

Link: https://english.aawsat.com/theaawsat/business/53000-square-meters-land-makkah-sold-auction.

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