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The real estate market is currently witnessing several changes due to the directions and decisions taken in scope of developing the industry. Selling and buying transactions seem to be running on slow pace. Nevertheless, the near future will offer opportunities through experienced companies specialized in residential and commercial real estate developments and investments.
“Expectations show a move forward toward real estate investments and developments within the next five years due to the need of residential projects. And that relies on the necessity for 1.5 million units within the coming five years as per the declaration of the Ministry of Housing. It is expected that the industry will prosper after final decisions of imposing fees on free lands this year-end,” Hani Bahjat Khashogji, CEO of Shareek Real Estate, said.
“All real estate organizations specialized in developments, investments and marketing pursue to contribute in improving the industry within the Kingdom as the market requires around 200,000 units each year. This entails the availability of suitable atmosphere for investment and development as well as the presence of essential facilities, which may support the growth. And we are glad that government concerns are characterized by the Saudi Ministry of Housing, through cooperation with the private sector,” added Khashogji.
“The real estate market, one of the vital markets across the Kingdom, is the most optimistic at the time as it offers higher chance for many serious companies to develop residential projects due to the increasing demand on housing. Furthermore, there will be financing programs and affordable
facilities for the Saudi citizens,” Khashogji said.
Shareek Real Estate is working on various projects in Jeddah, including Durrat Al Arous 2, which will provide developed land ready for sale on beach front in addition to the Al Bustan project, which is in the development process in Makkah.