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Makkah:
Investors may have to pay a whopping SR 2 million for a square
meter of land in the central zone around Makkah by the end of
2013, said chairman of the real estate committee at the Makkah
Chamber of Commerce and Industry Mansour Abu Rayash.
Prices ranged between SR 500,000 and SR 1.5 million in 2012. A
square meter in a strategic area in Japan is about $ 100,000,
seven times cheaper than Makkah, he was quoted as saying in Al-Sharq
newspaper.
“Real estate investments rose to 45
percent in Makkah alone while the rest of the country’s regions
accounted for the remaining 55 percent,” he said, adding that the
percentage would increase to more than 50 percent in 2013.
“The real estate market in Makkah
witnessed above-expectation figures in terms of pricing and deals.
Forty-five percent of all liquidity poured into the city of
Makkah.”
“Makkah is witnessing massive
activity in its real estate market caused by
property-expropriation compensations which amounted to SR 200
billion in 2012.”
Abu Rayash said a lot of money was poured into the real estate
market in Makkah by many investors from different regions
including Riyadh, Qasim, Eastern Province and southern regions.
He said liquidity in Makkah would
increase to SR 250 billion in 2013 as a result of “the demolishing
of the Parallel Road, the expansion of the Madafe, Jabal Alkaba
and Harat Assada districts and progress on the issue of unplanned
districts in the city.”
Abu Rayash said many investors are
heading to Makkah instead of other main cities such as Riyadh and
Jeddah because of the massive growth in the numbers of Umrah and
Haj pilgrims.
“It is expected the city will
receive seven million Umrah pilgrims and four million Haj pilgrims
this year as a result of expanding the Holy Sites, the new Mashaer
and Makkah trains and the completion of the Jamrat Bridge
expansion", he added.
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