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Aqaraat Development Company

The company stated that the auction has witnessed a heavy demand of over 2000 investors and individuals who came from different regions in Saudi Arabia wanting to buy pieces of the land. It also pointed out that there was a heavy demand when it came to business women and female investors during the time Aqaraat had specified a hall just for them with direct online communication with the auction, which made them very eager and interested.

The company had also previously announced the auction of these 600 pieces of land for it falls under the company’s contribution towards investors and individuals who were always interested in buying a land in the holy city, specifically during the time that the city is witnessing growth and higher demands for housing opportunities as well as investment opportunities and commercial opportunities.  

Eng-Abdulhadi Alrashidi the general manager or the company had mentioned that the auction was very organized and abiding by the rules for it relied on team work given the fact that each individual in the staff was given a specific task along with third-party contractors, whereas the auction was prepared and organized in advance in order to manage and deal with the official authorities and well as private sectors.

He also added that the company conducted the auction based on 3 types of sales, 1/ sales of complete blocks. 2/ sales of parts of a block. 3/ sales of single cuts, this was mainly for the citizens who wanted to own a piece of land for residential purposes. He also pointed out that even with the huge number of sales, the prices were relatively reasonable compared to lands close by, which would explain the reason why the auction has received many demands even with the unforeseen weather circumstances in Makah on the second day of the auction.

Eng-Alrashidi insisted on the fact that the amount of sales represents the strength of the real-estate market which is in demand by local investors, for this market specifically witnessed a legal change in terms of ruled and regulations by the city. He also insisted that the success of the auction was not by coincidence but it was rather because of the many factors that the company adapts and applies, starting with choosing the perfect location for an investment, and planning and developing infrastructure and giving the land reasonable spacing while dedicating parts of it to public services and facilities.

He also states that the area is perfect for whoever goes in won’t feel the need to go back out in order to find the needed service or facility due to the fact that everything is available. Adding: then comes the huge success of sales which was the greatest form of appreciation for all the work and effort put in the project, Eng-Alrashidi also claimed that this project broke the routine of the real-estate market which will help increase the offers and demands while stabilizing the prices which will benefit the citizens looking for housing solutions.

He also assured us that this is just the first step, for starting next year the projects will expand in more territories around Saudi Arabia including more areas in Makah as well as Almadinah, Riyadh, Jeddah and Taif.

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