Auctioned land sells for 462M riyals

A historic deal was finalized in Medina for the sale of a 2,486 square meter piece of land valued at over 462 million Riyals, making the price approximately 186,000 Riyals per square meter before taxes and fees. The sale was conducted through a public auction organized by Basma Real Estate Company, and the ownership has now transferred to Al Rayan Al Makkiyah Company. The real estate market in Medina continues to experience steady growth, thanks to ongoing development projects and infrastructure improvements. Growth is expected to accelerate, especially after the decision to allow non-Saudis to own property in the city, a step that is likely to increase Medina's attractiveness as an investment destination with rising visitor numbers.

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