<Mansour Abu Riash, Chairman of the Real Estate Committee at the Chamber of Commerce and Industry in Makkah, stressed the importance of dealing with the real estate economic sector and the real estate committee in the Chamber of Commerce as a helpful partner to announce the current and future plans for real estate in Makkah, indicating that this would avoid all parties to establish residential and hotel centers that cost the state treasury when removing huge amounts of money, and thus cost the investor to freeze his portfolio.
He said: ”As investors in the real estate economic sector, or the real estate committee in the Chamber of Commerce, we have not reached a clear truth about the scope of expropriation, and future or current projects, as we are surprised by removals and expropriations that the real estate sector does not know about, we do not know the truth about the removal of real estate for expansion or services around the Haram, and we do not know when the property will be removed, or when the project will be implemented.”
He called on the responsible authorities to make the investor aware of his matter, so that he can direct his investments to channels that can control the development process, and about the entry of government companies to invest in the real estate sector in Makkah, Abu Rayash explained that the government sovereign projects that have been established and are under construction will increase the number of rooms to more than one million rooms, which will cause dumping in the market.”
He touched on the public housing project promoted by the Ministry of Housing, which requires the beneficiary to pay 30 percent of the value of the property, where he said: “Has the Ministry of Housing come up with a radical solution to this issue, or has it put obstacles in the way of the vast majority of citizens and those targeted by the Housing Fund service, calling for the entire housing to be covered by payment from the Ministry of Housing to be scheduled on citizens out of mercy."
He added that the Ministry of Housing, instead of entering the real estate sector as a partner, insists on making it an adversary, by significantly increasing the burden on investors, explaining that while the investor pays 150 thousand riyals, asphalt, paving, lighting, water and electricity, we find that the municipality takes 35 percent of the area of the plan for free for services and streets, other than the value of the land.
He said: ”As investors in the real estate economic sector, or the real estate committee in the Chamber of Commerce, we have not reached a clear truth about the scope of expropriation, and future or current projects, as we are surprised by removals and expropriations that the real estate sector does not know about, we do not know the truth about the removal of real estate for expansion or services around the Haram, and we do not know when the property will be removed, or when the project will be implemented.”
He called on the responsible authorities to make the investor aware of his matter, so that he can direct his investments to channels that can control the development process, and about the entry of government companies to invest in the real estate sector in Makkah, Abu Rayash explained that the government sovereign projects that have been established and are under construction will increase the number of rooms to more than one million rooms, which will cause dumping in the market.”
He touched on the public housing project promoted by the Ministry of Housing, which requires the beneficiary to pay 30 percent of the value of the property, where he said: “Has the Ministry of Housing come up with a radical solution to this issue, or has it put obstacles in the way of the vast majority of citizens and those targeted by the Housing Fund service, calling for the entire housing to be covered by payment from the Ministry of Housing to be scheduled on citizens out of mercy."
He added that the Ministry of Housing, instead of entering the real estate sector as a partner, insists on making it an adversary, by significantly increasing the burden on investors, explaining that while the investor pays 150 thousand riyals, asphalt, paving, lighting, water and electricity, we find that the municipality takes 35 percent of the area of the plan for free for services and streets, other than the value of the land.
