Khaled Al-Harbi: Government support is one of the most important incentives that encourage investment in old neighborhoods
Abdullah Al-Qahtani: Redeveloping old neighborhoods and aligning them with the vision makes them an investment and tourism destination
Some investors are starting to look at opportunities for investing in old neighborhoods, and recycling properties with distinctive locations in a modern way that suits modern life, especially as they are characterized by integrated infrastructure and ready and varied services, in addition to the efforts made by the state - may God support it - to correct slums, which became a positive turning point to change society's view of these neighborhoods.
<Amlak Newspaper conducted a wide survey among experts and interested parties about investing in these neighborhoods.
Harbi: Excellent returns and profits
Khaled Al-Harbi, owner of Khaled Al-Harbi Auction Office, stressed that the removal of informal settlements and the new planning of cities will motivate investors to turn to historical neighborhoods as a promising and feasible investment with excellent profits and returns, especially in new areas that are not customary, given the significant rise in land prices in North Jeddah in the current period, and the scarcity of land in old neighborhoods.Al-Harbi explained that the old neighborhoods have an added value because they contain landmarks, monuments, history and ancient heritage values that attract visitors to them and make them a destination for domestic tourism, and this will undoubtedly have a tangible impact on investment in them.
Al-Harbi said that government support is one of the most important incentives that encourage investment in old neighborhoods, especially since they are always close to the city center, government services are available and enjoy long-term investment and entertainment commensurate with the quality of life.
Al-Harbi added that old neighborhoods have added value because they contain monuments, relics, history and old heritage values that attract visitors and make them a destination for domestic tourism. Al-Harbi explained that there are many investment opportunities that would transform old neighborhoods into attractive and modern neighborhoods, such as building towers that provide a view of the city's landmarks, increasing the green space and gardens, and building integrated architectural and tourism projects.
Qahtani: Investment fundamentals are available
For his part, Abdullah Abdulaziz Al-Qahtani, CEO of Mada Real Estate, explained that investing in old neighborhoods has become the modern trend for investors and developers due to the strength of the infrastructure and correct foundations in these neighborhoods compared to modern ones, as well as the price per meter is lower than modern neighborhoods, which enables investors to increase the return on investment after building investment projects, and this is helped by the availability of water and electricity networks compared to modern neighborhoods.
Al-Qahtani stressed that redeveloping old neighborhoods and aligning them with the vision makes them a destination for tourism and visitation, which is what investment depends on at the present time, as investment opportunities have become more in this direction, which makes the growth of the investment return greater.
<Al-Qahtani stressed that the old neighborhoods have great strength in attracting investments, and because they are characterized by many access points, and will have economic value, especially in the strength of demand for residential units, commercial and office galleries, and will witness a renaissance with the new building code and lack of randomness, and the new approach matches the vision and development of the Kingdom, which creates huge investment opportunities and receives support from the government.
About the investments that can be organized in old neighborhoods, modern residential complexes, hotels, recreational areas, rehabilitation and coordination of infrastructure.
About the investments that can be organized in old neighborhoods.
