- Most of the development companies in Saudi Arabia aspire to accelerate new housing projects.
- Consequently, investors need to take into consideration the high cost of construction and the shortage of qualified contractors, which makes their prices high according to supply and demand balance, while the quality of individual contractors’ work does not meet the required standards.
Al-Rashoudi, CEO of Maskan Arabia, said the high cost of construction is not the only obstacle that real estate development companies face.
In fact, high prices of white lands and lack of proper financing solutions signify the main problem that prevents citizens from obtaining proper affordable housing for their families and represent a major challenge for investors in this field.
Maskan Arabia Company will highlight the necessity of providing affordable finance to developers, which enables them to carry out more housing projects, at Riyadh Real Estate and Urban Development Exhibition 2012.
It is taking place at Riyadh International Exhibition Center.
The show will also emphasis the need of issuing new regulations to accept real estate as a guarantee on loans given by financial institutes and create new finance products for individuals that enable them to purchase under-construction housings.