15 Million Dinars Revenue from Property Sales at 'Adl' Auctions in July

Last July, the Ministry of Justice held numerous real estate auctions aimed at resolving judicial disputes over the properties. While several auctions were conducted, most were postponed for various reasons.

During the month, 23 properties, mostly residential units alongside investment properties, were sold for a total value of 15 million dinars, representing a 16.4 percent increase compared to the initial price of 12.8 million dinars, or a rise of 2.1 million dinars.

Residential sales amounted to 7.5 million dinars for 19 properties, marking a 5.3 percent increase over the initial value of 7.1 million dinars. Meanwhile, four investment properties were sold for 7.4 million dinars, reflecting a 30.3 percent increase over the initial price of 5.7 million dinars.

Among the notable residential sales, a house located in the Mishref area was sold for 1 million dinars, a 17.6 percent increase over its initial value of 850,000 dinars. Additionally, a 300-square-meter house in the Firdaws area was sold for 222,000 dinars, compared to its initial price of 193,000 dinars, representing an increase of 15.03 percent.

Investment properties saw significant increases in their final prices, with percentages ranging between 33.3 percent and 60.7 percent. For instance, a building in the Salmiya area was sold for 1.8 million dinars, compared to its initial price of 1.12 million dinars.

The Ministry of Justice requires participants in the auctions to pay at least one-fifth of the property’s price via a certified check or a bank letter of credit in favor of the Ministry’s Execution Department. Furthermore, the bidder whose offer is accepted by the judge must deposit the full accepted price, along with expenses and registration fees, upon the conclusion of the sale session.