Month: May 2024

Reports: Standard & Poor's expects significant growth for Saudi Arabia's real estate developers

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Real estate development companies

Reading time: 3 MinutesStandard & Poor’s credit rating agency has projected that real estate development companies in Saudi Arabia will experience significant growth, driven by a supply shortage and government support for the real estate and housing sectors. In a report, the agency stated that demand in Saudi Arabia’s housing sector is supported by the government and its various initiatives, particularly the Kingdom’s Vision 2030, which aims to increase the percentage of citizens who own homes … Read more

23 billion riyals the volume of real estate financing in the first quarter of 2024

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Investors in real estate

Reading time: 2 MinutesData from the Saudi Central Bank (SAMA) revealed a decline in total new residential mortgage financing for individuals provided by commercial banks and finance companies in Saudi Arabia during the first quarter of 2024, compared to the same quarter last year. The data showed that mortgage financing during the first quarter of 2024 fell by 3%, a decrease equivalent to 714.4 million riyals, bringing the total volume of financing down to … Read more

More than 1530 building compliance certificates issued in Tabuk region and its affiliated municipalities

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Reading time: < 1 MinuteThe Tabuk Region Secretariat and its affiliated municipalities continue to issue building compliance certificates aimed at ensuring that owners of commercial and residential buildings, as well as usufructuaries, ensure their buildings are free of elements of visual distortion, in order to provide a healthy and sustainable urban environment, enhance the urban landscape, increase the city’s visual appeal, and improve the investment climate. The Secretariat stated that, to date, it has issued more than 1,530 building compliance certificates… Read more

71 billion riyals worth of real estate transactions in Saudi Arabia during April

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Private Sector - Saudi Economy - Construction Contracts in Saudi Arabia

Reading time: < 1 MinuteData from the Real Estate Exchange revealed that the value of real estate transactions in April totaled 71 billion riyals, a decrease of 49 billion riyals compared to transactions in the previous month. According to the latest data from the Real Estate Exchange, 35,000 properties were traded last month, with a total area of 504 million square meters and an average price of 5,078 riyals per square meter, … Read more

6 real estate opportunities from East Riyadh at Anwa's hybrid auction May 19

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Auction Auctions

Reading time: < 1 MinuteMakan Al-Mustafid, under the supervision of the Enforcement and Liquidation Center «Enfaaz» and by order of the Enforcement Court, announced that the “Anwa” hybrid auction will be held on May 19, 2024, in person at 4:00 p.m. in Al-Farida Hall in Riyadh on Al-Thumama Road, and online via the Saudi Auction Platform from 4:00 p.m. to 7:00 p.m. The auction features six opportunities in strategic and prime locations in … Read more

A number of dilapidated and abandoned buildings in Jizan city

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Removal of dilapidated and abandoned buildings

Reading time: < 1 MinuteYesterday, the Secretary of the Jazan Region, Engineer Yahya Al-Ghazwani, inspected the demolition of a number of dilapidated and abandoned buildings as part of the “Visual Distortion and Urban Landscape Improvement” program in the city of Jizan, in the presence of relevant government agencies. Engineer Al-Ghazwani emphasized the municipality’s commitment to addressing all forms of visual pollution and removing abandoned and dilapidated buildings that pose a danger to human life in … Read more

“National Housing Authority and Chinese company sign agreement to set up industrial city and logistics zones for building materials

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Reading time: < 1 MinuteAs part of the official visit to the People’s Republic of China by His Excellency Mr. Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural, and Housing Affairs and Chairman of the Housing Program Committee, the National Housing Company (NHC) signed a cooperation agreement with the Chinese construction group CITIC to establish an industrial city and logistics zones for construction materials comprising 12 factories, with the aim of securing supply chains for housing projects. The company was represented at the signing ceremony by … Read more

Al-Hogail praises Saudi-Chinese partnership to set up industrial city and logistics zones for building materials

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Al Haqeel - Business License - Quality of Life

Reading time: < 1 MinuteMajid Al-Hogail, Minister of Municipal, Rural Affairs, and Housing, said, «The Saudi-Chinese partnership to establish an industrial city and logistics zones comprising 12 factories marks a turning point for the region.» Al-Hogail added, via his account on the «X» platform, that «this partnership will contribute to the localization of construction and building products within the Kingdom, providing the necessary support for housing projects, which will result in high-quality housing units … Read more

A leap forward for the tourism sector. Developing 320,000 hotel rooms in Saudi Arabia by 2030

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Ministry of Tourism-Housing Rentals

Reading time: < 1 MinuteThe real estate consulting firm Knight Frank has revealed that Saudi Arabia will see significant growth in the hospitality sector through the development of 320,000 hotel rooms to meet the expected boom in tourism by 2030. In a report, the company stated that 150 million domestic and international tourists are expected to visit by 2030, noting that winning … Read more

Real estate fund assets rise to SAR 40.9 billion by the end of the fourth quarter of 2023

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Saudi Capital Market Authority - Real Estate Contributions

Reading time: 2 MinutesIn its latest statistical bulletin, the Capital Market Authority revealed an increase in the total ”value of public and private real estate investment funds” by 33% at the end of the fourth quarter of 2023, an increase of 40.9 billion riyals, reaching 164.5 billion riyals compared to 123.7 billion riyals at the end of the same quarter of 2022. The Capital Market Authority attributed the growth in real estate investment fund assets … Read more

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