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Mazaya Monthly Real Estate Report -
Week 4 - October 2016
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The Saudi market is anticipating major
decisions that lead to a fundamental
change in the trend of buying lands
only for the purpose of keeping them
until their prices rise rather than buying
for construction and development
purposes, according to the report. The
report also indicates that determining
the type of contractors, including
their areas of expertise, so that
investors can choose the best that
meets their needs, is a crucial step.
Laws relevant to levying charges on land
sales have not changed radically until now,
said the report, adding that more control
is needed to curb unjustifiable price rises
that are at an all time high as a natural
result of owners taking advantage of the
high demand on the types of lands set
for residential and investment purposes.
Nevertheless, the Saudi realty market is
considered one of the region’s largest,
generating high demand and recovery
levels, including a sustained launch of
governmental enterprises. The sector
is of vital importance to the Saudi
national economy, due to its impact on
growth and prosperity levels as well
as on local and overseas investments.
Furthermore, the sector creates growing
job opportunities and has its ultimate
impact on other economic platforms.