2014 seen as turning point for Saudi property market

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CityscapeThe year 2014 is all set to witness huge achievements in the Saudi real estate industry, especially the housing sector in which the private sector is now playing a greater role in supporting the government’s initiatives, the Saudi Gazette wrote.

Experts from Saudi Arabia and the region will discuss the challenges and opportunities awaiting the real estate sector at the 5th annual Jeddah Urban Development and Real Estate Investment Event – Cityscape Jeddah 2014 which is to be held under the patronage of Prince Misha’al Bin Majid Bin Abdulaziz, on May 4-6 under the theme “Kingdom on the Rise”.

The Kingdom really is on the rise and the real estate sector is expected to benefit from the huge funds injected by the government into the housing market, such as the decision to further support housing by allocating $67 billion to construct 500,000 units.

Also, after years of planning and continuous hard work, the Ministry of Housing’s efforts have started to pay off and tangible results have begun to surface including the launch of the eligibility rules and Iskan gateway last week, which will reveal the real size of the housing problem and who really needs support from the ministry.

Another factor that will boost the real estate market is the availability of home mortgages enabling individuals and families to become homeowners. Furthermore, massive investment in mega infrastructure projects such as the economic cities and general transportation plan are giving an even bigger boost to the sector.

Riyadh Al Thagafi, CEO of Ewaan Global Residential Company, said: “We expect to see new market dynamics in 2014, especially with the efforts the Ministry of Housing are making to spin the wheel of development. Developers from across the Kingdom have been recently engaged in a series of meetings with the Ministry discussing means of collaboration to solve the housing shortage estimated at 200,000 units a year.”

Attracting global interest in the Kingdom’s buoyant real estate sector, Cityscape Jeddah expects an estimated 8,000 visitors to attend the three-day event that presents developers from KSA and the GCC with a platform to showcase new projects and connect with customers and industry professionals.

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Reading Time: 2 minutes

The year 2014 is all set to witness huge achievements in the Saudi real estate industry, especially the housing sector in which the private sector is now playing a greater role in supporting the government’s initiatives, the Saudi Gazette wrote.

Reading Time: 2 minutes

CityscapeThe year 2014 is all set to witness huge achievements in the Saudi real estate industry, especially the housing sector in which the private sector is now playing a greater role in supporting the government’s initiatives, the Saudi Gazette wrote.

Experts from Saudi Arabia and the region will discuss the challenges and opportunities awaiting the real estate sector at the 5th annual Jeddah Urban Development and Real Estate Investment Event – Cityscape Jeddah 2014 which is to be held under the patronage of Prince Misha’al Bin Majid Bin Abdulaziz, on May 4-6 under the theme “Kingdom on the Rise”.

The Kingdom really is on the rise and the real estate sector is expected to benefit from the huge funds injected by the government into the housing market, such as the decision to further support housing by allocating $67 billion to construct 500,000 units.

Also, after years of planning and continuous hard work, the Ministry of Housing’s efforts have started to pay off and tangible results have begun to surface including the launch of the eligibility rules and Iskan gateway last week, which will reveal the real size of the housing problem and who really needs support from the ministry.

Another factor that will boost the real estate market is the availability of home mortgages enabling individuals and families to become homeowners. Furthermore, massive investment in mega infrastructure projects such as the economic cities and general transportation plan are giving an even bigger boost to the sector.

Riyadh Al Thagafi, CEO of Ewaan Global Residential Company, said: “We expect to see new market dynamics in 2014, especially with the efforts the Ministry of Housing are making to spin the wheel of development. Developers from across the Kingdom have been recently engaged in a series of meetings with the Ministry discussing means of collaboration to solve the housing shortage estimated at 200,000 units a year.”

Attracting global interest in the Kingdom’s buoyant real estate sector, Cityscape Jeddah expects an estimated 8,000 visitors to attend the three-day event that presents developers from KSA and the GCC with a platform to showcase new projects and connect with customers and industry professionals.

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