Specialists : Selling real estate to expand the Prophet's Mosque lowers prices

Posted in

Specialists emphasized that the decision to allow the sale, purchase and merger of properties in the Custodian of the Two Holy Mosques Expansion Project will limit the grievances resulting from the assessment of compensation, and contribute to curbing prices as our market in general is a free market that is only controlled by the main market requirements of supply and demand and economic conditions of the immediate market.

<In this regard, M. Kamal bin Hosni Al-Qibli, Chairman of the Engineering and Consulting Offices Committee at the Chamber of Commerce in Medina, said that this decision will achieve the benefit of time for real estate owners, especially since the majority of them are heirs, minors, widows and the elderly and cannot wait for long periods until compensation, which is a decision that relieved many in the speed of disposal of those properties and also gave an opportunity for investors wishing to invest in the future in those areas and buy lands there and merge them to form large lands that can be invested in large projects, especially since the existing real estate plots are very small and sometimes not up to 100 m2.

M. The decision will help the speed of organization, speed of development and the use of time in trying to plan even simple and gradual parts of these properties, which will be traded for sale and purchase and benefit everyone from the results of the sale and purchase of these old properties, in addition to curbing prices and releasing the freedom of the market in determining the appropriate and fair prices for these properties without any grievances in compensation estimates and succession.

It is expected that the implementation of this decision will be followed by a series of measures to reduce the number of property owners. It is expected that the implementation of the decision will be followed by positive and rapid movements of real estate owners and investors, and this speed will contribute to stabilizing prices and reaching fair ratios without any external influences due to compensation or long waiting, and it will also help in assembling small pieces of real estate into large plots of land, which will be economically and investmentally feasible to pump large investment funds to invest and develop these large plots, which will affect the direction of real estate march and comprehensive development in the region.

Also, it is expected that the implementation of the decision will be followed by positive and rapid movements of real estate owners and investors.