A good time to buy a condo in Saudi Arabia ?
The Saudi Housing Ministry has
provided many housing products and programs to raise the percentage of
property ownership for citizens, but some are still reluctant to take a
step toward buying, probably a bet on the decline in real estate prices.In
this context, the Assistant Director-General for investment capital,
Khalid Ali, in an interview with Al-Arabi advises anyone who wishes to
buy a dwelling by foot on this step, considering that it is the "right
time" to buy under appropriate prices, appropriate funding and
programmes offered by the Ministry of Housing, categorically denying
collapses in real estate prices, as some are betting, although there
will be "very limited" declines.He
pointed out that real estate prices in the areas around major cities
had seen limited declines in the last period, ranging from 20 to 30
percent.The Ministry of
Housing has encouraged banks to finance developers within the "Wafi"
program, but banks are waiting for the regulation of the mortgage system
to expand lending to individuals, my entrance noted.In
a related context, my input confirmed that white land charges are the
"effective" means of reviving the housing supply, noting that the white
land area registered in Mecca after the expiry of the registration
deadline exceeded 15 million square meters.
Striking landing at the prices of apartments I take the opportunity.
With increasing popularity,
the private sector has pumped thousands of new apartments over the past
few years, allowing the average flat rate to fall to to its lowest
levels in the last three years at less than 540 thousand riyals,
compared to about 605 thousand riyals, a decrease of 11%.Observers
attribute this retreat to the high competitiveness of the apartment
sector, under increasing supply, and the development of the same
residential product to meet contemporary needs, as well as relatively
reduced construction costs, as well as factors associated with economic
cycle conditions.It is
forecast that Jeddah, in particular, is a candidate for a large physical
movement in the sector, with the largest stock of white land in the
kingdom, with an area of approximately 160 million square meters, and
40% of all white land in Riyadh and Dammam and Jeddah.The
apartment market will find an additional incentive for subsidized
housing finance products, which will be announced by the Ministry of
Housing, with a total of 7,300 loans this year in the whole of Saudi
Arabia.
19 thousand real Estate scholarships in Saudi Arabia for 10 months.
Saudi courts have documented
19,358 government property grants distributed by the district
secretariats to citizens in the past 10 months of the current Hijri
year, where the Mecca region has accounted for 30.7% of these grants,
according to the economic newspaper.According
to a report by the paper, the number of grants registered by the courts
in the Makkah area was 5941 scholarships, followed by the Riyadh area
documenting 5255grant, followed by the eastern region by 1823
scholarships, while the documentation was low for the same period of the
last year by about 8%.The
number of scholarships registered in the Najran district courts was
441, followed by the Al-Baha area with 428 scholarships, and the Al-Jouf
area by 389, while the Qassim district courts did not register
government grants.
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