Old buildings. A new destination for real estate investment and development
Matar Al-Shammari
Not surprisingly, there was a backlash <a style="color: #800000;" href="https://amlak.net.The reason is that the urbanization continued to develop and creep until it reached the outskirts and moved away from the services in addition to the prices are close to the neighborhoods where services are fully available, so the rehabilitation of old neighborhoods through purchase, demolition and reconstruction in a comprehensive service area is undoubtedly a good area for investment and real estate development, especially since the areas in some old areas are spacious and it is possible to divide the land and establish more than one residential unit, which achieves a good return for investors.
Rehabilitating old neighborhoods by buying, demolishing and rebuilding in an area with comprehensive services is a good field for investment and real estate development, especially since the areas are in some old areas are wide and can be divided into several residential units, which achieves a good return for investors. Even in the behavior of people, we find that the prevailing trend was to move from one neighborhood to another in the outskirts of the city, while now we find those who demolish the house and rebuild it again according to their needs, rebuilding in a modern way and in the same area, and there are still neighborhoods inside Riyadh inhabited by the same segment of the population with the rehabilitation of buildings.
We observe the proximity of We note the proximity of government projects such as King Salman Park from old neighborhoods in Riyadh such as Al Malaz and others, and with the opening of these projects no doubt it will positively affect real estate investment in these areas, and this is what we witness from the presence of some development projects in these neighborhoods, and prices in these areas remain consistent and have not changed with high demand.
The launch of the Riyadh Metro has brought about a qualitative shift in the old areas, rebuilding and renovating them while residents remain in the same neighborhoods, in addition to the tendency of developers to establish new units within these neighborhoods.
Few of the challenges facing real estate investment in these areas. The challenges faced by investment in old neighborhoods include the existence of the building code and new requirements, but they are not prohibitive challenges, but rather they push for the development to be in accordance with the requirements that are in the interest of the citizen and the quality of life.
The presence of comprehensive services in Riyadh Metro has created a qualitative shift in the old areas and the reconstruction and renovation of the same neighborhoods.
The presence of comprehensive services in old neighborhoods such as hospitals, shopping centers and others is one of the most prominent attractions in these neighborhoods.
@mnfr10
Real Estate Specialist
