MAKKAH: The presence of the Two Holy Mosques makes the real estate business unique in Saudi Arabia, said Wohaib Al-Sulaimany, director general of the Makkah-based Al-Sulaimany Investment and Real Estate Group, which deals in real estate in Makkah, Jeddah and Madinah.
“The fact that Muslims the world over desire to own properties in the two holy cities sends the property prices rocketing here. The two cities attract 40 percent of the total investments in the entire Kingdom,” Al-Sulaimany said.
“Makkah and its suburbs are currently experiencing unprecedented growth … Huge amounts are being pumped into construction projects at locations close to the Grand Mosque and the Central Zone. The projects include the Jabal Omar, Jabal Khandamah and Shamia.”
He said the falling steel price is an additional factor boosting the construction sector.
“The launch of any new property development project in any district would push up the price of properties. With the launch of the Shauqia Plots project, the price of land per square meter there increased from SR600-SR1,200 to SR950-SR1,800. The price at the Wali Ahd Plots shot up from SR350-SR400 per square meter to SR650-SR750. The demand for land at Al-Takhssusi Plot on the Makkah-Jeddah Expressway and the Al-Bank Plot in Aziziah district is also going up.”