Month: July 2014

Saudi academic emphasizes the inability of the real estate sector to enable researchers to own homes

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Reading time: 3 MinutesAn academic confirmed that the local real estate sector has been unable, over the past decades, to make significant progress in enabling citizens to own housing units. The academic did not deny the growth in the housing sector in recent years, as the number of permits for residential construction has exceeded 36,000 annually. However, he cited studies that confirmed the Kingdom’s need for up to … Read more

Mawtan Real Estate allocates SAR 11 million to build its headquarters in Riyadh

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Reading time: < 1 MinuteMawtan Real Estate plans to construct its headquarters at a total cost of 11 million Saudi riyals in the Riyadh area, on a site covering 5,286.5 square meters located on the Northern Ring Road in the Al-Nafl neighborhood. In a related development, Sheikh Abdulhamid Al-Zamil, Managing Director of Mawtin Real Estate, expressed his pride in beginning construction of the company’s headquarters, saying: … Read more

«Domain Real Estate» offers ownership apartments in Al Rawabi neighborhood in Riyadh

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Reading time: 2 MinutesNitaq Real Estate—a subsidiary of Nujum Al-Salam—has begun – has begun selling freehold apartments in the Al-Qusur project in the Al-Rawabi neighborhood. There, Nujum Al-Salam for Real Estate Investment and Development has constructed more than six residential buildings comprising 95 freehold apartments. The first phase of the project has been completed, and the remainder of the project is expected to be completed in the coming months, God willing. The project has been completed… Read more

Lack of coordination leaves Saudi real estate developers and finance companies absent from housing solutions

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Reading time: 3 MinutesReal estate developers have criticized the current situation regarding regulations and legislation related to the housing market, citing a lack of coordination and harmonization among them. They note that the current state of regulatory frameworks for the housing sector lacks coordination and enforcement, and that regulation fundamentally requires achieving the objectives of these systems through the application of best practices and methods, as compared to a number of countries, especially those that rely on … Read more

“Trade” confirms that the sales and rental commission does not exceed 2.5 %

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Reading time: < 1 MinuteThe Ministry of Commerce and Industry reiterated its warning to real estate agencies against charging buyers or tenants a commission exceeding a maximum of 2.5%,and, in accordance with the Executive Regulations for Real Estate Agencies, they are not permitted to charge the commission again upon renewal of a lease agreement. This is part of the Ministry’s efforts to protect the rights of all parties guaranteed by the law, ensuring that the specified rate is not exceeded under any circumstances… Read more

«Nakheel Properties earns $503 million in the first half of 2014

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Reading time: 2 MinutesNakheel Real Estate announced «Nakheel Real Estate» announced a net profit of 1.85 billion dirhams ($503 million) for the first half of this year, a 54 percent increase over the net profit of 1.2 billion dirhams ($326 million). Nakheel said that improved performance in the company’s retail, leasing, and entertainment sectors, in addition to … Read more

Launching a rental index to regulate prices and enhance market transparency for investors

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Reading time: 2 MinutesApartment sales prices rose by an average of 4 percent in the second quarter of 2014 compared to the first quarter and by 29 percent compared to the second quarter of 2013, while villa prices rose by 2 percent during the same period. Rental prices for apartments and villas rose by 8 percent, according to a report by Asteco Services… Read more

The size of the Saudi real estate market exceeds 1.3 trillion riyals

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Reading time: 2 MinutesThe real estate market in the Kingdom has exceeded 1.3 trillion riyals, and is expected to reach 1.5 trillion riyals over the next few years, This was confirmed by Khalid bin Abdulaziz Al-Ghamdi, chairman of the Real Estate Committee at the Jeddah Chamber of Commerce and Industry, during the committee’s first meeting, held yesterday at the chamber’s headquarters, where he was nominated as chairman … Read more

Samsung expects a sharp drop in second-quarter profit

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Reading time: < 1 MinuteSouth Korean electronics giant Samsung Electronics announced on Tuesday that it expects a sharp decline in profits during the second quarter of this year due to the appreciation of the Korean won and a slowdown in the smartphone market. The company, the world’s largest smartphone manufacturer, expects to post an operating profit of 7.2 trillion won (7.1 billion … Read more

Customs holds second auction in Dammam to sell air conditioners that violate Saudi specifications

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Reading time: < 1 MinuteThe General Customs Authority plans to hold a public auction tomorrow evening, Wednesday, 12 Ramadan 1435 AH, corresponding to July 9, 2014, to sell various new air conditioners (split and window types), at the export price, due to their non-compliance with the new Saudi standard specifications, and their re-export within 30 days of the sale date. The General Customs Authority has designated the Abandoned Goods Yard at King Abdulaziz Port in Dammam as the venue for the auction, and has stipulated … Read more

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