Saudi Arabia

imported 2024-03-17 17:43:08

Saudi Arabia: The Kingdom Embraces Change and Reform

Despite Western media relentlessly branding Saudi Arabia an archaic, backwards-oriented Islamic monarchy, the kingdom has done bold steps which aim to get its population back to work by diversifying its energy-oriented economy, empowering women to study work and by embracing the digital age like few other Arab countries.

Saudi’s Real Estate Prices Should Not Grow Further

“The question is whether the residential prices are affordable. Currently with the prices as they are, there is a huge difference between property prices and people’s income… Over the last 3 or 4 years, the pricing acceleration was quite aggressive so I do not think we shall see much higher prices,” says Majed Al Hogail, Managing Director of Rafal Real Estate Development Co.

Real Estate Market in Saudi Arabia Tripled in the Last 3 Years

“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,” explains Mohammad Al Saja, Chairman of Mizat Development Company.

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