Infrastructure is an important factor in increasing religious visits to Makkah and Madinah
\nSaudi Arabia, June 8, 2010: Jones Lang LaSalle (JLL), the leading global real estate advisory and management services firm and the largest firm of its kind in the Middle East, has revealed that the real estate market in the holy cities of Makkah and Madinah is distinctly different from other markets in the Middle East and North Africa as it is not suffering from a lack of demand but rather limited supply and capacity. Jones Lang LaSalle's study is the first by a global firm of the real estate market in Makkah and Madinah.
\nThe main findings of the study are:
\n- The real estate market in Madinah and Makkah is unique in that there is no limit to demand
\n- The number of visitors to the two cities for religious purposes is believed to rise from 7.8 million to 13.75 million by Hijri 1440 (2019)
\n- This will provide opportunities to expand the hospitality sector (hotels) in light of the need for a total of 82,000 hotel rooms by the Hijri year 1440 (2019)
\nShihab Ben Mahmoud, Senior Vice President at Jones Lang LaSalle Hotels, said: \u201dThis is the first report by a global firm to provide a comprehensive overview of the real estate market in the holy cities of Mecca and Medina. We have noticed that these two cities are a major attraction in the region and there is an urgent need to provide a detailed report on the major development plans that are taking place there. The Saudi government has made great strides in utilizing real estate in the two cities to accommodate the large number of pilgrims and visitors.\u201d.
\nThe report notes that given the large traffic associated with Hajj, the primary challenge lies in the land transportation system rather than the capacity of airports or seaports or the provision of adequate housing. The number of visitors during the Hajj and Umrah seasons has increased from 5.3 million to 7.7 million over the past five years.
\nShihab said: \u201cOur analysis of the barriers suggests that the total number of pilgrims visiting Makkah and Madinah could rise to 13.75 million by the Hijri year 1440 (2019). The increasing number of pilgrims will provide significant opportunities to increase the number of hotel rooms in both Makkah and Madinah.\u201d.
\nJones Lang LaSalle expects the increase in the number of pilgrims to be less exponential than the increase in the number of Umrah pilgrims due to the limited duration of the Hajj season. This will mean increased capacity constraints, overcrowding and other challenges.
\nA number of initiatives are underway to alleviate existing infrastructure constraints in order to more effectively accommodate a larger number of pilgrims, which is expected to increase to 13.75 million by Hijri year 1440 (2019). Although land ownership in the two cities is restricted to Saudi entities, these markets have attracted significant investments from GCC countries and foreign investments in the form of joint venture agreements with Saudi entities, including:
\n- King Abdulaziz International Airport in Jeddah: Expansion and development allowing the airport to accommodate 80 million passengers per year.
\n- City Airport: The General Civil Aviation Authority also has plans to upgrade existing passenger terminals and develop new facilities at Madinah Airport. This expansion is intended to stimulate domestic tourism and increase the ability of pilgrims to travel to Medina. The project aims to increase passenger traffic from 4 million passengers per year in 2009 to 14 million by 2010.
\n- King Abdullah Economic City Port: The port is being designed to accommodate about 500,000 pilgrims during the Hajj season. Pilgrims are expected to be able to transfer from the Makkah Medina Railway at KAEC Station to Makkah or Medina in less than 90 minutes.
\n- The Haramain high-speed rail line: The 450-kilometer-long railway line will be fully electrified, with trains traveling at speeds of up to 320 kilometers per hour. Up to 50% of pilgrims visiting Mecca and Medina are expected to use the proposed new trains.
\n- Madinah Train Station: Al Madinah Train Station will be the terminal station at the end of the Haramain high-speed rail line. Current projections indicate that the station will be able to accommodate 6.2 million passengers per year by 2015.
\n- Expansion of the Haram al-Sharif: The Haram al-Sharif has recently undergone a major expansion to accommodate 500,000 pilgrims at any given time. A major expansion is currently underway that includes the northern courtyards of the mosque towards the Levantine area.
\n- Hotel expansion: The number of hotel rooms in Makkah could double over the next ten years, with an additional 50,000 rooms expected to be available within the vast new redevelopment areas. In the city, the number of new hotels announced is much lower than in Makkah, with only 3,000 additional rooms in projects near the Haram expected to be delivered in the next three years.
\nAmong the major projects in the center of Makkah whose organizational plans have been approved:
\n- Jabal Omar is one of the largest development projects. The project is expected to provide more than 10,000 hotel rooms in buildings that will be built on a land area of about 1.8 million square meters. The organizational plan for this project has been amended more than once given the sensitivity of the site due to its proximity to the Grand Mosque.
\n- Jabal Khandama: Covering 600,000 square meters of land east of the Grand Mosque in Mecca, the project aims to replace old buildings, old streets and narrow alleys with quality buildings and streets. The Jabal Khandama project aims to become a pedestrian-friendly city that will completely separate pedestrians from vehicular traffic.
\n- King Abdulaziz Road: A 3.5 square kilometer urban development that aims to redevelop one of the most densely populated areas in Makkah. The project will offer high-quality hospitality facilities and residential and commercial real estate.
\n- The city's organizational plan (including the Knowledge Economic City): The most prominent real estate project in the city, the Knowledge Economic City, is located about five kilometers east of the Grand Mosque. The project area is 480 hectares and the area expected to be built is 8 million square meters and will be inhabited by 150,000 people. The investment in this project requires more than $8 billion.
\nThese development projects are likely to lead to a significant increase in the number of visitors to the holy cities in the next ten years. The increasing number of pilgrims and the change in their accommodation requirements will provide opportunities for a significant expansion of the hospitality market in these two cities.
\nShihab bin Mahmoud said: \u201cOur analysis of the number of potential visitors suggests that there could be a demand for around 82,000 hotel rooms in the Holy Cities by 1440 AH (2019). One of the major implications of this growing demand will be the competition among international companies to include their luxury hotels in future hospitality projects in the Holy Cities, so it remains to be seen how well these major brands will match the current and future demand.\u201d. <\/p>","protected":false},"excerpt":{"rendered":"
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