imported 2024-03-17 17:43:07
“Saudi Arabia has a bright future. There is a lot of expansion going on. The government is spending a lot of money, especially in the western areas of Mecca, Medina, Jeddah and the King Abdullah Economic City,” says Dr Mohammed A. Al-Ajlan, CEO of Ra-yek Real Estate.
“Riyadh Tower was designed by a well-known English design company called Atkins. The project was scheduled to start in 2012 but we postponed it… we should start this project in 2015 or the beginning of 2016,” says Dr Mohammed A. Al-Ajlan, CEO of Ra-yek Real Estate.
“The future is bright for the real estate sector, especially in the commercial and residential sector. Some land is overvalued but in general there is a lot of potential in the real estate market, especially when you choose the right project in the right location at the right time,” says Dr Mohammed A. Al-Ajlan, CEO of Ra-yek Real Estate.
“Richy is one of the best brands because we do not compete with our products but with our services. We have tried to make Richy a luxury brand. We are not just selling a piece of fabric because anybody can do that,” explains Dr Mohammed A. Al-Ajlan, CEO of Ra-yek Real Estate.
“Al Ajlan Allied Group is divided into two sectors, trading and real estate. Our business is shared equally between trading and real estate,” says Dr Mohammed A. Al-Ajlan, CEO of Ra-yek Real Estate.
“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.
“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.
“Rafal Real Estate began nearly six years ago. However, the shareholders of the company have more than 60 years’ experience in terms of business conduct in Saudi Arabia. The differential we have is that we are community innovators and not homebuilders,” says Majed Al Hogail, Managing Director of Rafal Real Estate Development Co.
“As in any emerging market, regulations are not black and white. Here in Saudi Arabia, we have regulations but the interpretation and the implementation of these regulations represent quite a challenge for doing business here,” says Majed Al Hogail, Managing Director of Rafal Real Estate Development Co.
“The land is too expensive. Land should be a maximum of 30% of the unit cost but in Saudi it is nearing 50%. Land is available but it’s too expensive,” says Mohammad Al Saja, Chairman of Mizat Development Company.
