The real estate auction held in Saudi Arabia recently by Al-Oula Development Company drew a record crowd of 5,000 businessmen and investors and fetched SR1.3 billion, much more than expected, in five hours.
A total of 888 plots spread on an area of 1.2 million square meters at Old Jeddah Airport were on sale and the prices per square meter doubled from SR1,500 to SR3,200 as a result of the big demand, Arab News reported.
Three Saudi commercial banks were present at the auction venue to offer Islamic finance services to clients purchasing real estate plots.
