OFFPLAN NEWS

(09.07.2007 )
Saudi real estate Prospects of Real estate sector Al Jawf, Saudi Arabia

Saudi Arabia is underdeveloped in real estate terms and in particular the issue of Saudi Arabia Property for sale. This is due to political and financial elements. Banks have been traditionally cautious about engaging in real estate development projects because of regulations that did not allow them to mortgage the properties. This meant that developers had to raise their own financing, usually through private initiatives.
“Now things are changing on both the political and financial sides,” says Ibrahim Bin Fahad Al Assaf, Al Oula's executive vice-president. “Banks are starting to realize the importance of real estate development. In the past, they were running away from these projects, and today they are running to them. Mortgage regulations are in the process of being approved by the government. We expect these to be realized before the end of the year. This will set the groundwork for a mortgage system in the kingdom.”
Expatriates – from other Arab states, the West and the Indian subcontinent – who have lived in the country for ten years continuously can now apply for citizenship, and thus qualify to buy property.
The lack of mortgage facilities has acted as a bottle-neck limiting development, says Al Assaf, and when this problem has been resolved he believes the market will expand quickly with developers selling on a mass level. “We are moving slowly but surely. In Saudi Arabia drastic change does not happen easily but we are continuously changing.”
The company president, Al-Gahtani sees himself as a tool, carrying out King Abdullah's vision of the kingdom's future, and believes that Al Oula will expand to five times its present size in the years to come.

News by Country

»(09.07.2007 ) Property in Saudi Arabia The Real Estate Boom Saudi Arabia
Eye-catching residential towers and superstar hotels in Makkah and Madinah; state-of-the-art mega malls and commercial centers in Riyadh, ... » find out more

»(09.07.2007 ) Property in Saudi Arabia SR2 billion Lamar Towers to be launched in Al Bahah, Saudi Arabia
A SR2 billion skyscraper is to be built as one of the most sophisticated Saudi Arabia Property.... » find out more

»(09.07.2007 ) Property Saudi Arabia Multi billion investment projected in Saudi real estate, Al Gassim, Saudi Arabia
Over 30 billion Saudi Riyals will be floated in the Saudi Arabia real estate business as a result of the government’s decision to allow foreigners to invest in property. ... » find out more

»(09.07.2007 ) Saudi Arabia property Real estate investment opportunities in Al Gassim, Saudi Arabia
UAE property services leader, Asteco Property Management in Saudi Arabia Company, highlighted investment opportunities presented by the regional real estate industry during a history-making forum held exclusively for women in Saudi Arabia.... » find out more

»(09.07.2007 ) Saudi properties Real estate sector analysis, Saudi Arabia
Saudi Arabia property management specialist announced that the country lagged behind its Gulf neighbors in liberalizing its real estate sector and activities.... » find out more

»(09.07.2007 ) Saudi property Dubai to hold property shows in Al Hudud ash Shamali, Saudi Arabia
The Dubai Department of Tourism and Commerce Marketing (DTCM) together with Dubai Properties Group is planning to hold mega road shows in India and Saudi Arabia next year to lure more expatriates to invest in property in Saudi Arabia. ... » find out more

»(09.07.2007 ) Saudi real estate Prospects of Real estate sector Al Jawf, Saudi Arabia
Saudi Arabia is underdeveloped in real estate terms and in particular the issue of Saudi Arabia Property for sale.... » find out more

»(09.07.2007 ) Saudi Arabia real estate GGI Seeks Changes in Real Estate Industry Regulations, Al Jawf, Saudi Arabia
The real estate Saudi Arabia industry has bright prospects but the existing regulatory rule has to be changed or amended, according to Turki Faisal Al-Rasheed, CEO of Golden Grass, Inc. Golden Grass, Inc. (GGI) which is ranked . ... » find out more

»(09.07.2007 ) Real estate in Saudi Arabia Gulf Capital Seeks More Investment in Al Madinah, Saudi Arabia
A major Gulf investment company has focused itself on Saudi Arabia's booming economy aiming to invest in Saudi properties, in addition to its sustained interests in the Middle East and North Africa (MENA) region. ... » find out more

»(09.07.2007 ) Real estate Saudi Arabia Dallah Albaraka launches $800m project in Riyadh, Saudi Arabia
The Chief Executive Officer at Dallah Albaraka announced that the company has launched $800.2 million Durrat AL-Riyadh project, one of Saudi Arabia's biggest real estate in Saudi Arabia. ... » find out more