- The exhibition witnessed a number of real estate and finance deals
Riyadh-Amlak
The Riyadh Real Estate and Urban Development Exhibition “Restatex 16”, which was inaugurated by Dr. Shuwaish Al-Duwaihi, Minister of Housing, concluded its activities amid the presence of a large crowd of leaders and officials of the real estate and financing sector and senior government officials in bodies, sectors and committees related to urban and real estate development, where the exhibition witnessed the participation of 85 companies in the field of real estate, urban development and decoration, in addition to the participation of companies, institutions and real estate financing banks and the pavilion of the Ministry of Housing and the Real Estate Development Fund.
Significant and effective participation
For his part, Hussein Al-Faraj, CEO of the exhibition, said that the annual real estate event that is awaited every year by the real estate investment, development and financing communities and leaders in the Kingdom witnessed wide participation and a large turnout of visitors, explaining that the exhibition included wide options and offers on an area of 15,000 square meters through the participation of companies and banks specialized in all sectors of real estate investment and development and housing and distinctive financing programs and facilities to buy homes and real estate, in addition to what the exhibition offered great opportunities for partnerships and investment contracts and everything related to real estate marketing and services supporting the real estate sector and age.
The Riyadh Real Estate Exhibition comes with the end of the economic activity under the patronage and presence of His Excellency the Minister of Housing Dr. Shuwaish bin Saud Al-Duwaihi; and in the presence of a large number of leaders and officials of the real estate and finance sector and senior government officials in bodies, sectors and committees related to urban and real estate development.
The exhibition was held on all halls of the Riyadh International Convention and Exhibition Center with the wide participation of the most prominent real estate and housing development and investment companies, banks and real estate finance companies.
High number of participants
Participation in this year's Riyadh Real Estate Exhibition recorded a significant increase in the number of establishments that specialize in housing development. It is a trend that serves the overall demand for its products, especially with the clear tendency to buy ready-made housing and the decline in individual construction.
In terms of real estate financing, real estate finance companies have succeeded with distinction in modifying and innovating housing finance products that suit the variables of the real estate market in general, and housing in particular. This trend is natural, as a result of the specialization of these companies in real estate financing only, and the recent approval of the real estate financing system, which enhances the capabilities of these companies in the event that the new regulations come into effect.
Real estate deals and financing
The exhibition witnessed great competition between local banks and financing companies participating in the exhibition to provide financing solutions and reduced interest rates for visitors to the exhibition. The pavilions of banks and financing companies were heavily attended by visitors, especially those looking for real estate financing, where representatives of banks and financing companies revealed that preliminary approval forms were filled out for more than a thousand requests looking for real estate financing. Sultan Al-Shehri, representative of the Real Estate Finance Department at the National Bank, said that the bank made special offers on the occasion of the 16th Real Estate Exhibition, including a reduction in interest from 3.50 percent to 3.10 for a period ranging from one to five years, during the duration of the exhibition, in addition to other offers. Al-Shehri pointed out that there is a reduction in the amount of interest in financing extended from five years to 30 years, adding that the National Bank is a great supporter of real estate projects and contributes to providing solutions for citizens” home ownership.
Al Rajhi Bank presented special offers for the exhibition through the Murabaha product program, which reduced the interest rate from 2.5 to 1.95 provided that the period ranges from one to five years, and the period ranging from six to ten years has an interest rate of 3.5 instead of 3.9, and Al Rajhi Bank reduced the interest rate for financing up to 20 years to 3.90 instead of 4.25 that the bank used to take before the exhibition. The bank explained that it gives the customer a repayment period of up to 20 years.
The pavilion of the Al Saeedan Real Estate Group of Companies at the exhibition also witnessed the conclusion of a number of agreements in the construction of housing, where the Salman Bin Saeedan Group signed with Orac International Contracting Company to implement the first and second phase of the Sunset Villas project within the (investor bin Saeedan) fund of 150 villas, with an investment volume of 125 million riyals.
Salman Bin Saeedan Group also signed an agreement within the (Adeem and Bin Saeedan) Al Fursan Villas in Al Kharj, next to Prince Salman University, to carry out infrastructure and construction works, and the volume of investment in the project, which includes 200 residential villas, is more than 175 million riyals
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"Amlak" toured the pavilion of the Ministry of Commerce and companies specialized in organizing exhibitions, who demanded the scheduling of exhibitions in cooperation with the chambers of commerce, and that there is enough time between each exhibition so that all companies can participate in the exhibitions, pointing out that the time period between real estate exhibitions in the Kingdom is short and insufficient to prepare sites dedicated to displaying products, praising the Ministry of Commerce to prevent foreign companies from participating in national exhibitions, after some foreign companies have been proven to be involved in fake projects.
The Ministry of Commerce banned foreign companies from participating in national exhibitions, after it was proven that some foreign companies were involved in fictitious projects.
