Riyadh Real Estate
Last week, the province of Jubail in the Kingdom of Saudi Arabia witnessed a major real estate deal involving the purchase of a plot of land covering an area of 855,000 square meters on Tahlia Street in the province for 200 million riyals.
Abdul Latif Al-Nimr, the new owner of the land, told “Al-Eqtisadiah” that the real estate transaction involved the purchase of an 855,000-square-meter plot of land for 200 million riyals from Hajj Ali Jabran, a leading real estate developer in Dammam. The land is located next to the Al-Hamra and Al-Suhula developments and adjacent to the water desalination plant in Jubail. He emphasized that it will help alleviate the housing shortage in Jubail, in addition to offering prices suitable for all segments of society.
Al-Nimr stated that an application will be submitted to the Eastern Province Municipality to finalize the planning procedures. Once the procedures are completed, development will begin, and the price per square meter will be approximately 800 riyals, which are comparable to prices in neighboring neighborhoods and developments. He emphasized that prices will be determined by real estate market conditions in the region once development is complete, while the minimum plot size in the development will be 500 square meters, with other plots available in various sizes.
He noted that the cost per square meter in the Al-Hamra development is 800 riyals, whereas the price per square meter for land purchased before planning was 255 riyals, which encouraged a number of individual citizens to invest with varying shares, with each share not falling below 100,000 riyals, and they are awaiting its development. He emphasized that once developed, the site will be approximately 60 percent cheaper than neighboring developments in terms of post-development costs, with prices not exceeding 500 riyals per square meter after development. He noted that these price levels are encouraging for individuals, as they aim to alleviate pressure on the population, provide relief from congestion in confined areas, and help create a balance in real estate prices in the Jubail Governorate.
