Al Taawun compound SAR 200 mln compound luxury compound in Riyadh
Ahmad Ibrahim Bin Saedan, GM for Real Estate Development at Al Saedan Real Estate talks about Al Taawun compound.
imported 2024-03-17 17:43:07
Ahmad Ibrahim Bin Saedan, GM for Real Estate Development at Al Saedan Real Estate talks about Al Taawun compound.
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“The trend in real estate, especially residentially, is smaller apartments. Smaller apartments do not mean less quality or worse way of life; they mean better designs, better quality in a smaller space and with compensation,” says Karim S. El-Hajjar, Chairman of H.E.C. Holding.
According to the latest SAMA records the total mortgage size in Saudi Arabia is more than 100 billion riyals, coming mainly from the commercial banks. This represents only the official figures excluding Real Estate Development Fund (REDF) financing. If you compare this number to the consumer finance and other corporate finance products, it is very small. The reason is that the population of Saudi Arabia is viewed as a young population and mortgages are now something that is becoming a necessity for people in Saudi Arabia because of their gradual ageing.
Definitely the taxation on the lands is a hard issue now. We are expecting this legislation to take some time but if they implement it well, it will help the sector. This is not the only thing that will help housing especially for low income people.
The market is still stable. The prices in Saudi Arabia, especially in the areas where we work, in the Western Central region and in the Eastern provinces are still stable.
Over the past five years Zara Investment Holding opened of one of Jordan’s most beautiful resorts – the Movenpick Resort and Spa Tala Bay in Aqaba. This was a U$80 million project and proved to be a huge success.
“The main sectors are real estate, both for sale and long term asset generation i.e. hotels and office buildings; for immediate sale we have residential apartments, houses and land,” explains Ian Morris, Managing Director of TEDC Trasacco Estates Development Company.