Saudi Arabia is witnessing significant activity in real estate auction in a bid to attract more real estate developers, land dealers and investors.

This is in line with recent industry reports that reveal positive market indicators underlining the increasing demand for full-service urban development projects in different cities across the country.

The Eastern Province and Riyadh are expected to unlock more lucrative prospects in the Saudi real estate market in 2013, given the rapid population growth and increasing number of businesses that are in continuous search of full-service projects to provide housing for their employees.

Injaz Development Company predicts significant growth in the real estate market of northern Riyadh in the short term, especially as ongoing real estate auctions are positioning the area as a one of the leading business, residential and tourist destinations. Real estate developers have noted that the rise in real estate auctions in Saudi Arabia is a healthy trend as urban projects that are fully developed and equipped with basic amenities like power supply, lighting and water, are encouraging land owners and developers to put up their projects for public auction.