Revenue from September Auctions of 18 Properties Reaches 9.63 Million Dinars
The proceeds from September auctions for 18 properties amounted to 9.63 million dinars, with 42 properties postponed.
Translated by Qiyas from الراي — Original source
Sessions of real estate auctions organized by the Enforcement Administration at the Ministry of Justice last September saw competition that drove up prices for some residential properties by more than 28%, while 42 out of the 67 properties listed for the month’s sessions were postponed.
The auction results showed that 18 properties were sold for a total of 9.63 million dinars, compared to initial prices of 8.66 million dinars, representing an 11.23% increase over the opening prices.
The remaining cases were distributed among seven cancelled properties and 42 postponed ones. The postponements included 38 cases due to lack of bidders, three to correct advertisements in the areas of Shuwaikh, Qadisiya, and Sabah Al-Salem, and one for other reasons.
As for the cancelled properties, five were cancelled by decision of the competent authority, and two were officially removed from the list after settlements between the parties to the lawsuits in the Al-Waha and Sabah Al-Ahmad residential areas.
