Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - Riyadh tops in real estate with SR99bn deals  Join our daily free Newsletter

MENAFN - Arab News - 04/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Riyadh, with SR99 billion real estate transactions, has ranked as the most sought-after city in the Kingdom. The capital city outweighs Jeddah, which had recorded more than SR90 billion of real estate transactions as per the real estate index issued by the Ministry of Justice.
The real estate sector has revealed the positive impact of the economic and social stability experienced across the Kingdom as per the Ministry of Justice index. The index closed at a value of SR99 billion of commercial and residential deals for the year 1434H in Riyadh, surpassing last year's deals that registered SR87 billion.
The index recorded more than 43,476 real estate deals in Riyadh city covering a total area of 227m2, with SR47 billion commercial transactions and more than SR51 billion residential transactions. This reflects the need toward seeking large locations to develop residential units to meet the increasing demand in the market.
Jeddah comes second with more than SR50.6 billion of residential transactions and SR39.9 billion commercial transactions, which represent 40,132 deals and over 90m2 of real estate area.
Majed Al-Hogail, MD, RAFAL, described as the premier residential communities innovator, said: "The economic and real estate cycle is moving rapidly and positively, and the demand on innovative residential units is increasing, which urges the real estate developers and investors to work on providing innovative residential solutions."
Al-Hogail added: "We at RAFAL are investing in new strategic locations and the innovation of more than 3,950 residential units over the next 5 years with cost of over SR5.1 billion. Our growth strategy covers the Kingdom with new and bold opportunities within a prosperous real estate investment in the Kingdom."
To facilitate the ownership of housing units by the citizens, more mortgage companies will be launched in 2014, as the Saudi government is working on activating the mortgage systems as per the enacted mortgage laws and regulations, to work alongside local banks and related governmental sectors, such as the Real Estate Development Fund and the residential units provided by Ministry of Housing.
The first half of the year 1434H has witnessed more than 70 percent of real estate deals, which indicates the investors' activity who conducted SR62 billion of real estate deals in Riyadh city alone.
Al-Hogail said: "RAFAL leads the dynamic lifestyle pattern that requires an enriched, homogeneous social environment, as well as common facilities adhering to environmentally friendly and safety principles to create vibrant residential hubs, self-sustained communities, desired by many Saudi and expatriate families."
According to Al-Hogail, the challenge facing the real estate market in the Kingdom is interesting, where the demand is increasing at an annual rate of 8 percent and is expected to last for a minimum of 10 years.
"This requires a consistency between the way of business and the regulations and challenges faced by the sector. Therefore, the performance has to be distinguished in order to be among the leading real estate development companies."


 


Arab News




  MENA News Headlines
 Dec 21 2014 - Saudi- Muhammad Ali hospitalized with mild pneumoniaArab News
(MENAFN - Arab News) LOUISVILLE: Boxing legend Muhammad Ali was in stable condition after being hospitalized with a "mild" case of pneumonia his spokesman Bob Gunnell said.The 72-year-old Ali was ...

 Dec 21 2014 - Al-Naimi is 'confident' oil prices will improveArab News
(MENAFN - Arab News) ABU DHABI: Petroleum and Mineral Resources Minister Ali Al-Naimi said he was confident world prices would improve after a slide he blamed partly on 'lack of cooperation' by ...

 Dec 21 2014 - Irresponsible non-OPEC output behind oil price plunge: UAEArab News
(MENAFN - Arab News) ABU DHABI: "Irresponsible" levels of output by producers from outside the OPEC oil cartel is among the main causes of the slump in prices the UAE energy minister charged ...

 Dec 21 2014 - Saudi produces 74 percent of GCC polymer capacityMENAFN
(MENAFN) The National Petrochemical Industrial Co. (NATPET), a Saudi joint stock company, has revealed that 74 percent of the GCC's polymer capacity, totaling 17.6 million tons, was produced in the ...

 Dec 21 2014 - Algeria worried on falling oil pricesMENAFN
(MENAFN) Algeria, which oil revenues make up 97 percent of its hard currency earnings and 60 percent of the government's budget, is beginning to feel the impact of the fall in oil prices that led it ...

 Dec 21 2014 - UAE's non-oil trade hits USD142b in H1MENAFN
(MENAFN) The UAE's Federal Customs Authority (FCA) said that the value of direct total foreign non-oil trade has reached USD142.8 billion during the January-June period of 2014, Arabian Business ...

 Dec 21 2014 - UAE slams non-OPEC members on rising oil productionMENAFN
(MENAFN) The UAE's Ministry of Energy said that the decision made by the Organization of the Petroleum Countries (OPEC) not to cut production was correct despite the prices continuing with their drop ...

 Dec 21 2014 - Oman's OLC, Spanish CLH sign USD320m contractMENAFN
(MENAFN) Orpic Logistics Company (OLC), a joint venture between Oman Oil Refineries and Petroleum Industries (Orpic), announced it has signed an engineering, procurement and construction (EPC) ...

 Dec 21 2014 - UAE's Hakkasan acquires USD36m The Light GroupMENAFN
(MENAFN) Hakkasan Group, the hospitality and entertainment company owned by Abu Dhabi-based Tasameem Real Estate, announced it has acquired The Light Group from Morgans Hotel Group (MHG), Arabian ...

 Dec 21 2014 - Omani OPWP awards Singaporean firm USD250m water projectMENAFN
(MENAFN) Oman's state-owned Oman Power and Water Procurement Company (OPWP) announced it has awarded a consortium led by the Singaporean Hyflux Ltd and National Power and Water Co a USD250 million ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help