These plots of land, which can accommodate nearly half a million people, lie barren at a time when Makkah faces an acute housing shortage.

Another interesting factor is that the prices of these plots of land have been steadily rising despite the lack of infrastructure thanks to speculative trade, according to a report in Al-Madinah daily on Saturday.

Mansour Abu Riyash, chairman of the Makkah Chamber of Commerce and Industry’s real estate committee, confirmed the land at the townships in Al-Okaishiya in south Makkah, are not in a position to be used by people.

“The Saudi Electricity Company has failed to make available electricity to a major part of these townships even though it had received sufficient government support to do so over the past 20 years,” he said.

Abu Riyash urged the SEC to quickly supply power to the remaining areas of the townships.

Osama Farghali, prominent realtor and fellow member of the committee, said the Crown Prince township project started 22 years ago.

“Ever since then, the project had witnessed significant investment as well as withdrawals in addition to the freezing of assets for an unspecified period of time,” he said.

“There was a time when a plot of land covering a total area of more than 600 square meters was valued at SR3,000. This price soared to SR450,000, while the price of one square meter costs SR3,000.”

He added that the prices land located close to roads have shot up to at least SR2 million and more.

“This means that there has been a 150 percent increase in the value of properties that do not have infrastructure,” he said, blaming speculators for this scenario.

Farghali said making available infrastructure facilities to all these townships would help stabilize fluctuating prices in the local real estate market.

Muhammad Asisi, a realtor, said there are more than 80 real estate offices engaged in speculative trade involving plots of land at the Crown Prince Townships.

“Their numbers would be much higher if the townships had been provided with infrastructure facilities, mainly electricity,” he added.