Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Departure of thousands of illegal expats seen lowering house rents  Join our daily free Newsletter

MENAFN - Arab News - 08/12/2013

No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab News) Houses are now available for rent in various districts with vacancies of residential accommodation caused by the departure of thousands of expatriates, according to real estate experts. "Such vacant accommodations will decrease rents by 15 percent, one of them said.
The experts advised building owners to utilize the opportunity and renovate houses and apartments, especially in popular areas where they are in demand, to meet the needs of citizens.
They disclosed that a study is being conducted in a number of areas to determine the number of vacant apartments and whether or not they can meet the demand for residential units from citizens.
Fuad Boqari, a real estate dealer, said the departure of expatriates would have a positive impact on the Kingdom, especially in finishing and renovating houses and apartments in areas where they are highly in demand. This also gives building owners an opportunity to improve the quality of accommodation and make houses available for nationals, especially low income families.
He emphasized the need for improving security standards in sought-after housing areas to create a positive impact on citizens and make their security trustworthy at such locations.
The increasing number of expatriates over the past years led to increased demand for residential units in popular areas. This created a gap between supply and demand and rents increased in surrounding areas as well. Real estate owners started renovating and renewing these buildings to accommodate nationals with low income, who spend more than 50 percent of their monthly income on rent, Boqari added.
He said higher rents would not be discernible right away but could be considered in the long term. Popular areas have more than 20 percent of the total real estate projects, he said, adding that he expected the Shomoos system to work in favor of the citizens if the owners registered their buildings under the system.
Chairman of the Real Estate Evaluation Committee in the Madinah Chamber of Commerce and Industry Jamal Farghal said departing expatriates would affect stores and other commercial outlets, which used to harbor them. "This will be apparent in the income volume and might affect the budgets of affected stores. However, it will not affect commercial stores located in city centers because they belong to investors who have resorted to regular, legal employment."
Farghal said residential units that were allocated to illegal expatriates were distributed alongside two lines - popular and random areas - that have large numbers of expatriates and entered into developmental and organizational frameworks. "The departure of expatriates will not affect these areas because buildings will be removed and larger and more modern structures built in their place," Farghal added.
The other alternative is to keep these buildings out of any organizational reforms, which will affect the situation negatively, because the flow of rents will stop and owners of these houses might be forced to look for new tenants, reduce the rent, or renovate and modernize their property to attract new tenants.
Specialist in leasing affairs Samer Al-Jeilani focused on the plight of low income individuals and said those with a monthly income under SR3,000 find it difficult to pay annual rents ranging from SR10,000 to SR15,000, thus ending up paying 30 to 40 percent of their annual income in rent.
Abdullah Al-Ahmari, chairman of the real estate evaluation committee in the Jeddah Chamber of Commerce and Industry said expatriates violating the law harm the national economy, including the real estate sector, and deporting them will result in making available more accommodation for nationals, who are the real source of wealth.
"Young people who like to seize investment opportunities should start watching market activities during the first half of the new Hijri year because expatriate deportations will close down many commercial stores," he added.
Wafaa Noah said a study was being conducted to make an inventory of popular housing locations in some parts of the Kingdom. The study started last July and would continue through the coming year.
Real estate expert and former member of Al-Madinah Province Council Majid Ghouth said rents are expected to drop because returning expatriates are vacating residential units in random and old areas.


  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Egyptian Premier Off to Chad ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egyptian Prime Minister Ibrahim Mehlib left cairo on Thursday for Chad the first leg of a three-day two-state trip that will also take him to Tanzania ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Egypt's Interim President Receives Phone Call from South African President ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egypt's Interim President Adly Mansour has received a telephone call from President of the Republic of South Africa Jacob Zuma in which they discussed ...

Apr 24 2014Uruguay Public Health Minister Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Montevideo April 24 -Minister of Public Health in Uruguay Maria Susana Mu?iz met here on Thursday with HE qatari ambassador to the republic of Uruguay mohamed hassan ...

Apr 24 2014Sharjah Ladies Club organizes "Sharjah Ladies run" at the University City ,MENAFN Press
(MENAFN Press) Sharjah Ladies Club gears up to launch "Sharjah Ladies run" at the Sharjah University City. With over 250 participants, the activity aims to encourage women and enable them to ...

Apr 24 2014King bids to reassure Saudis as MERS deaths hit 85 ,AFP
(MENAFN - AFP) King Abdullah was in the Saudi commercial hub of Jeddah on Thursday in a bid to reassure a worried public as the death toll from the MERS virus hit 85. The Red Sea city has seen a ...

Apr 24 2014QBA strengthens economic ties with Kenya ,MENAFN
(MENAFN) Members of the elite Qatar Businessmen's Association (QBA) stated their willingness to cooperate with their Kenyan peers, strengthening economic ties between Qatar and Kenya, The Peninsula ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help