JEDDAH, 20 February — For years Saudi families dreamed of owning their own home, usually a custom-built villa. Working families rented apartments until they saved money in order to buy land and build a house. Recently, however, a number of changes, both social and economic, have altered the situation and now everyone is not adamant about owning a villa. Many new projects have helped to change older ideas and many Saudis now actually prefer apartments.
The change began more than a decade ago when several apartment complexes were built on the Corniche in Jeddah; they included spacious and luxurious apartments priced from about SR1 million to SR8 million and a new trend was thus begun in up-market Jeddah housing. Later the middle class was offered modern apartments in new projects at costs ranging from SR200,000 to SR400,000, depending on location and features in the apartment.
An administrator in one of the apartment projects said: "I believe that Saudi families are more keen to own an apartment than a villa. First of all, an apartment will cost less than a small villa. The new economic situation has made many families willing to spend more on electricity and maintenance which are cheaper in an apartment. An apartment will definitely mean fewer expenses and less need for maids."
Many people told Arab News that they were interested in the apartments not only as their own residence but also as an investment opportunity; they would buy the apartment and then rent it to someone else. Another fact that has made these apartment projects popular is that most of the owners are able to finance the purchase through a bank which makes the apartments affordable for many middle income families.
A lawyer, Ibrahim Fathi Saeed, explained the most important conditions that buyers should review before buying an apartment. "These apartment sales are new in the Saudi market and people should know that they should not buy part of a building without a share of the land. Also I recommend that in case of leasing, they should ask what happens if they fail to complete the leasing period. Buyers should familiarize themselves with the owner's policy before buying. I recommend that in cases of leasing, the buyer should also have some insurance to save their families from any possible legal problems in case of the buyer's death."
Mohammad Al-Amri, a real estate agent, said: "Some buildings are very popular because of their locations, facilities and because they are built for Saudi social needs and customs. Apartment projects can be very successful in Jeddah but they should be designed to suit Saudi families' tastes and ideas."
