The sluggishness plaguing the real estate market across all its sectors and segments stems from a lack of high-level professional expertise, where chaotic thinking, shoddy research, and haphazard marketing and valuation policies prevail, along with inappropriate listings that have created numerous distortions and obstacles in sales, purchases, and development. Despite the oversupply, we often hear the phrase "I couldn’t find what I was looking for" in terms of both quality and price at the same time…!!
We must not view the decline in prices as a natural and healthy phenomenon resulting solely from competition in purchasing power; but there is a vast and wide gap in the market that requires dozens of giant real estate companies to make corrective changes, including a comprehensive study of the real estate market that addresses why citizens are reluctant to buy? What are the reasons for the accumulation of thousands of residential units in this void, to the point that they have become unsold inventory in the hands of owners..!! Especially since current conditions encourage the establishment of such companies—particularly with the decline in construction material prices, the drop in land prices within urban planning zones, and citizens" desire for homes with excellent specifications, as these are the places where they will live their lives and remain dutiful sons to their families and heirs for a long time to come, God willing.
Given all the reasons and implications mentioned above, we anticipate significant growth in construction areas with specifications that meet the surging demand in both the residential and commercial sectors, especially following the emergence of new investment opportunities in older neighborhoods, We also expect a boom in business for construction companies currently active in the market, following the collapse and exit of many large firms and the layoff of their staff. We caution of the need to make the most of this time, as the effects of imposing financial fees on dependents of expatriates and introducing an income tax are now on the horizon, as skilled workers and technicians leave the country due to their inability to adapt to the upcoming phase, leading to a shortage of this type of labor. This will result in higher wages and, consequently, increased construction and furnishing costs in the near future. We expect that the sector will reveal its true nature after this summer, when there will be full confidence in prices and both buying and selling activity will flourish.
What motivates us to change and develop the real estate market for the better is the increasing demand and desire among developers to produce real estate projects with exemplary specifications by seeking large plots of land—up to 200,000 square meters—to enter into strategic partnerships with landowners that ensures they can compete for Ministry of Housing projects, especially given the incentives provided by the off-plan sales system.
