imported 2024-03-17 17:43:07
According to Citigroup (Middle East), approximately 60 percent of all real estate projects worth 3.5 trillion dollars underway or in the pipeline in the Middle East are located in Saudi Arabia and the United Arab Emirates.
Amid ample demand from an ever young and ambitious population, property in the oil-rich kingdom is booming. But the run for climatised square meters in the desert adds fuels inflation in the biggest Gulf Arab country.
“The Saudi market is currently facing a very short supply of real estate properties, which will fuel the demand over the next few years. The gap we need to fill about 1.2 million units over the next 5 years, which shows you the size of our inventory and the potential for growth within the market,” says Majed Al Hogail, Managing Director of Rafal Real Estate Development Co.
Al Saedan Real Estate is one of the leading real-estate companies in Saudi Arabia. The company has a strong expertise in master-plan developments, land development, building commercial and residential centers, selling and buying local and international real estates, providing consultation in real estates, and providing valuation and estimation services. Al Saedan is an international real estate company with projects in Saudi Arabia, Tunisia and the United Kingdom.
Abdul Rahman Al-Zamil, Chairman of Zamil Group
Without any hesitation I can tell you that doing business in Saudi Arabia is the easiest of all of these countries. Easy business doesn’t mean only government procedures.
Mohammed S. Alkhalil, President of FAD Investment & Development
Real estate is a major issue in Saudi Arabia. It is the second largest sector after oil and gas.
Mohammad Al Saja Chairman of Mizat Development Company
In the real estate market in Saudi in the last three to four years, the prices doubled or tripled. As you know, the population growth in the country is becoming very high. This is one of the reasons that suddenly the government realized there is high demand for land, or in other words, a high housing demand.
Dr. Ahmed Sindi, General Manager of SATCO
The Saudi Arabian economy has taken significant strides. The government has invested a lot of money in building a huge amount of infrastructure, such as airports, cities, and the like. Our company, SATCO, being a classified contracting company with a first classification, stands to benefit significantly from the extensive opportunities in construction in particular and also in other divisions of our work.
Dr Mohammed A. Al-Ajlan, CEO of Ra-yek Real Estate
In real estate, we have many companies, one of which is Ra-yek Real Estate. We have developed many projects including Sky Towers and Nakheel Towers. We are working on another project, which will be the Riyadh Towers, and is due to begin construction in 2015 or early 2016 and should be concluded by 2017.
Majed Al Hogail, Managing Director of Rafal Real Estate Development Co. The government´s plan is based on the Royal decree to develop and provide 500,000 units.
