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
 Nov 23 2014 - Qatar- Saudi Deputy FM Receives Copy of Credentials of Qatar's AmbassadorQatar News Agency
(MENAFN - QNA) Saudi Deputy Minister of Foreign Affairs Prince Abdulaziz bin Abdullah bin Abdulaziz Al-Saud received a copy of credentials of HE Sheikh Abdullah bin Thamer Al-Thani as Qatar's ...

 Nov 23 2014 - Qatar- HE Prime Minister Holds Talks with Algerian CounterpartQatar News Agency
(MENAFN - QNA) HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani and HE the Prime Minister of Algeria Abdelmalik Sellal on Sunday co-chaired the 5th ...

 Nov 23 2014 - Qatar Takes Part in 31st Meetings for GCC Labor and Social Affairs MinistersQatar News Agency
(MENAFN - QNA) Qatar will take part in the 31st meetings for GCC Ministers of Labor and Social Affairs which will be held from 24 to 25 November in Kuwait. HE the Minister of Labor and Social ...

 Nov 23 2014 - Kuwait- Parliament Speaker Meets Tajik FMQatar News Agency
(MENAFN - QNA) Kuwaiti National Assembly Speaker Marzouq Ali Al-Ghanem met here on Sunday the visiting Minister of Foreign Affairs of the Republic of Tajikistan, Sirodjidin Aslov. Talks between ...

 Nov 23 2014 - OPEC won't cut production ceiling say Kuwaiti expertsArab Times
(MENAFN - Arab Times) KUWAIT Nov 22 (KUNA): The Organization of Petroleum Exporting Countries (OPEC) will not likely lower oil production ceiling in its upcoming Nov 27 meeting two Kuwait oil experts ...

 Nov 23 2014 - KFH unit Kuveyt Turk wins awardArab Times
(MENAFN - Arab Times) ISTANBUL Nov 18 (Agencies): Kuveyt Turk won GFC Global Financial Conferences' Bonds & Loans Award for Islamic Capital Markets Deal of the Year at Esma Sultan Palace last ...

 Nov 23 2014 - Qatar- HH the Emir Meets Uruguay AmbassadorQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani met today at his Emiri Diwan Office with Ambassador of the Republic of Uruguay Jose Luis Remedi whose term of office has expired At the ...

 Nov 23 2014 - Somalia's Culture Minister Meets Charge D'affaires of Qatar's EmbassyQatar News Agency
(MENAFN - QNA) Somalia's Minister of Culture and Higher Education Duale Adam Mohammed conferred with Charge D'affaires of Qatar's Embassy in Somalia Hasan bin Hamza Asad Mohamed. The meeting ...

 Nov 23 2014 - Qatar- Foreign Minister's Assistant Meets Vietnamese CounterpartQatar News Agency
(MENAFN - QNA) HE the Foreign Minister's Assistant for Foreign Affairs met here on Sunday with Vietnamese Deputy Foreign Minister Pham Quang Vinh. The meeting dealt with bilateral ties and means to ...

 Nov 23 2014 - Law protects 'expatriates'Arab Times
(MENAFN - Arab Times) KUWAIT CITY Nov 21 (KUNA): Director- General of the Public Authority for Manpower Jamal Al-Dosary on Thursday reaffirmed commitment of the authority to protect expatriate ...

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