Three month suspension from real estate developers to allow time to absorb extra liquidity
Land auctions in the Eastern Region of Saudi Arabia have been suspended for three months by real estate developers until all statutory requirements have been met to allow for listing the plots.
Auctions have been postponed until after Eid al-Fitr following a recent boom in real estate sales in the region that has left the market saturated and in need of time to absorb the extra liquidity, said Saleh al Dosari, member of the real estate committee at the Eastern Region’s chamber of commerce and industry.
Eng. Daifallah Bin Ayesh al-Otaibi, the mayor of the Eastern Region, had earlier said that the municipality had stopped the auctions at an early stage and met with the owners of the lands to reach an understanding about the level of service, and emphasised the need to abide by the regulations and stop the sale of lands to citizens before fulfilling the legal requirements.