Real estate investors are eagerly waiting to grab the five real estate opportunities up for sale in Al Madina and Yanbu, at the Jewels of Al Madina public auction, scheduled to open at 4:00 p.m. on Thursday in Taiba Hall at Hotel Le Meridien Madina. Hosted by Etqaan Real Estate, the auction includes the Pearl Resort in Yanbu, Al Bustan Taiba Hotel, Golden Arjwan Hotel, as well as the Second and Third District plots of land.
Al Madina accounts for more than 20 percent of the demand share for real estate in the Saudi market, but quality properties are scarce and demand is high. Thanks to its rich history and famous landmarks, most notably Al Haram al-Madani Al-Sharif (the holy site of Madina) Al Madina is a great attraction for local and international tourists.
Personal attendance or through an agent is a must to take part in the auction. Bidders must have certified cheque of SAR 500,000 for each property, to be recovered if the applicant does not win the bid. Bidders can take part from Etqan branches in Jeddah and Riyadh, or through ZOOM live streaming, in line with Saudi Vision 2030.
Covering a total area of more than 51,000 square meters, the Yanbu Pearl Resort is the largest tourist resort on the beach front in Yanbu, with 244 regular suites, 36 royal suites, and full amenities, close to the city centre.
The 15-story Al Bustan Taiba Hotel, one of Madina’s most famous hotels, is just about a 2-minute walk from Al Haram al-Madani.
The 14-story Golden Arjwan Hotel is also up for grabs. It boasts a modern architecture and offers extensive view of the city centre and is just a 5-minute walk from Al-Haram al-Madani.
The Second and Third District are two attractive plots of land, ideally located near upscale neighborhoods and logistic service centers, making them a good residential and commercial investment opportunity.