Month: August 2024

Traffic flow and population growth are factors in the development of Riyadh's circular roads

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Reading time: 2 MinutesThe Royal Commission for Riyadh City has begun implementing a program to develop the ring roads and major thoroughfares in Riyadh and has awarded contracts for four projects, including the “first phase” of the program at a cost exceeding 13 billion riyals, with the awarding of contracts for subsequent phases of the program to be announced in the coming period, God willing. Objectives of the development of ring roads and major thoroughfares: This program aims to … Read more

London and Washington top the list of the 10 most expensive cities in the world in terms of residential rent prices

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Rental housing prices

Reading time: < 1 MinuteLondon topped the list of the world’s most expensive cities in terms of residential rent prices (one-bedroom studio apartments) this August, while Cairo was the cheapest among the capitals included in the study. According to a report by Novosti based on open data, tenants in London must pay up to $2,800 per month to rent a one-bedroom apartment … Read more

Al-Haqeel visits US, discusses opportunities for cooperation in construction, finance, real estate development and infrastructure

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Al-Haqeel

Reading time: 2 MinutesHis Excellency Majid bin Abdullah Al-Hogail, Minister of Municipal and Housing Affairs, began an official visit to the United States yesterday, which will run from August 18 to 22, During the visit, he will meet with a number of U.S. government officials, major construction and real estate development companies, and financial institutions to strengthen the partnership between the two countries in the sectors of urban development, construction, financing, and real estate development. His Excellency will also… Read more

Rising prices and falling supply Global Housing Market Trends in 2024

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Tough times ahead for the commercial real estate industry

Reading time: 8 MinutesAs we approach the middle of the second quarter of 2024, we are seeing a mix of continuity and change in both the real estate sector and the economy. Against a backdrop of modest economic growth, a slight rise in unemployment rates, and easing inflation, long-term interest rates—including mortgage rates—are beginning to decline slowly. The shift from high mortgage rates… Read more

Rebar and electrical wire prices rise and wood prices fluctuate over the past month

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Steel Prices - Rebar

Reading time: 2 MinutesLast July, the Saudi market saw a significant rise in the prices of many construction materials, including rebar, wire, and electrical cables, while timber prices varied, with a decline in one type. According to the bulletin on average prices of goods and services issued by the Statistics Authority, the price of rebar of various types rose. The price of rebar (6 … Read more

423 billion dollars global market size for green architecture by 2027

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Reading time: 3 MinutesIn light of growing environmental challenges, the worsening effects of climate change, and the depletion of natural resources, it has become necessary to rethink how buildings are designed, constructed, and operated, which led to the emergence of green or sustainable architecture—a design methodology aimed at reducing the environmental impact of buildings and promoting long-term sustainability. Green architecture is the practice of designing and constructing buildings in a way that combines aesthetics … Read more

Real Estate Tips How to sell your condominium for the highest price?

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Investors in real estate

Reading time: 2 MinutesThe real estate market in Saudi Arabia features numerous listings for properties, but some of the agents and owners behind these listings may be unaware of several essential tips that should be followed when selling a property to avoid any losses from the sale. as following these tips maximizes the value of the real estate transaction and allows the seller to achieve the highest price… Read more

Deadline to vacate rented land in Al Fursan Suburb project ends at the end of December

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Al Fursan Suburb Project

Reading time: < 1 MinuteGovernment authorities have called on the tenants of the land on which the Al-Fursan Suburb project—being implemented by the National Housing Company in Riyadh—is located to vacate all stables in preparation for their removal, giving them a deadline of approximately four months, ending at the end of December this year. These stables occupy a quarter of the project’s area, which is located northeast of Riyadh. Al-Fursan Suburb is the largest urban suburb in the Eastern Province… Read more

AED 13.1 billion in real estate transactions in Dubai in a week

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Dubai - Real Estate Deals and Sales 

Reading time: < 1 MinuteDubai’s real estate market saw significant activity last week, with total transactions exceeding AED 13.1 billion, according to data from the “Dubai Rest” app, operated by the Dubai Land Department. Over the course of five days, sales reached approximately AED 9.8 billion through 3,800 transactions. The Al Yafra 1 area topped the list of top-selling areas, generating AED 1.24 billion through 395 transactions, … Read more

International Code Council: Saudi Arabia's building code has become a major hub in promoting building and safety standards

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Building license via Baladi platform

Reading time: 2 MinutesThe International Code Council praised the Saudi Building Code (SBC), affirming that it has become a key pillar in promoting construction and safety standards in the Kingdom of Saudi Arabia, noting that over time, this code has undergone continuous developments that reflect the Kingdom’s commitment to achieving the highest levels of quality and safety in the construction sector. The International Code Council said in a statement that the Building Code … Read more

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