20.8 Million Dinars Revenue from Sale of 32 Residential Properties in 'Adl' Auctions Last Month
The Ministry of Justice generated 20.8 million dinars from the sale of 32 residential properties in October auctions, representing a 7% increase over the initial price.
Translated by Qiyas from الجريدة — Original source
Last October, the Ministry of Justice held numerous real estate auctions aimed at resolving judicial disputes over the properties. A number of properties across various sectors were put up for sale, but many were postponed due to reasons such as a lack of bidders or settlements reached between the parties.
During the month, 32 residential properties were sold, with a total value of 20.8 million Kuwaiti dinars, representing a 7 percent increase compared to an initial price of 19.5 million dinars, or a rise of 1.4 million dinars.
Among the notable sales, a property located in the Abu Fatira coastal area was sold for 3.08 million dinars, with no increase over its initial price. Additionally, a house in the Al-Nuzha area, measuring 1,000 square meters, was sold for 2.07 million dinars, and another house in the Howain area, also measuring 1,000 square meters, was sold for 1.75 million dinars; both were sold at their initial prices without any increase.
Several properties saw increases in their final prices. The Al-Aridya area recorded the highest percentage increase of 32.19 percent, with a 500-square-meter house sold for 423,000 dinars compared to its initial price of 320,000 dinars. A house in Al-Zahra, measuring 664 square meters, was sold for 700,000 dinars, compared to its initial price of 566,600 dinars, representing an increase of 23.55 percent.
Furthermore, a house in Al-Firdaws, measuring 301 square meters, was sold for 350,000 dinars, compared to its initial price of 295,000 dinars, an increase of 18.64 percent. A house in Mushref, measuring 750 square meters, was sold for 600,000 dinars, compared to its initial price of 539,500 dinars, an increase of 11.22 percent. In total, 22 properties were sold at prices higher than their initial values, while 10 properties were sold at their initial prices without any increase.
The Ministry of Justice requires participants in the auctions to pay at least one-fifth of the property’s price, either through a certified check or a bank letter of credit issued in favor of the Ministry’s Execution Department. The bidder whose offer is approved by the judge must deposit the full approved amount, along with expenses and registration fees, in the event that the sale session takes place.
