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

A square meter of land in Makkah now costs SR 2 m  Join our daily free Newsletter

MENAFN - Arab News - 09/02/2013

No. of Ratings : 0
Add to Mixx!


Aerial view of Makkah. (AN Photo)
(MENAFN - Arab News) Investors may have to pay a whopping SR 2 million for a square meter of land in the central zone around Makkah by the end of 2013, said chairman of the real estate committee at the Makkah Chamber of Commerce and Industry Mansour Abu Rayash.

Prices ranged between SR 500,000 and SR 1.5 million in 2012. A square meter in a strategic area in Japan is about 100,000, seven times cheaper than Makkah, he was quoted as saying in Al-Sharq newspaper.

"Real estate investments rose to 45 percent in Makkah alone while the rest of the country's regions accounted for the remaining 55 percent," he said, adding that the percentage would increase to more than 50 percent in 2013.

"The real estate market in Makkah witnessed above-expectation figures in terms of pricing and deals. Forty-five percent of all liquidity poured into the city of Makkah."

"Makkah is witnessing massive activity in its real estate market caused by property-expropriation compensations which amounted to SR 200 billion in 2012."

Abu Rayash said a lot of money was poured into the real estate market in Makkah by many investors from different regions including Riyadh, Qasim, Eastern Province and southern regions.

He said liquidity in Makkah would increase to SR 250 billion in 2013 as a result of "the demolishing of the Parallel Road, the expansion of the Madafe, Jabal Alkaba and Harat Assada districts and progress on the issue of unplanned districts in the city."

Abu Rayash said many investors are heading to Makkah instead of other main cities such as Riyadh and Jeddah because of the massive growth in the numbers of Umrah and Haj pilgrims.

"It is expected the city will receive seven million Umrah pilgrims and four million Haj pilgrims this year as a result of expanding the Holy Sites, the new Mashaer and Makkah trains and the completion of the Jamrat Bridge expansion."


  MENA News Headlines

Click to Apply



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