An official at the Valuation Committee for Development and Government Projects (VCDGP) in Makkah said authorities would notify the committee to begin re-evaluation of properties after Haj.

The decision came after property owners won cases against proprietors. The committee will also evaluate properties in Al-Sharashif Mountain, Dahlah and Al-Rushd.

“We will begin re-evaluating demolished properties for the benefit of various projects since owners of expropriated properties won cases filed with the Board of Grievances,” said Mansour Abu Riyash, chairman of the Land Committee in the Makkah Chamber for Commerce and Industry and a VCDGP member.

This re-evaluation comes at a time when large acquisitions from major investment portfolios have entered Makkah for the first time. Prices are expected to exceed 25 percent of the current market value during the next three months.

According to Abu Riyash, areas with large populations which are situated in locations suitable for investment are in high demand by investors.

These areas constitute seasonal residential locations or those nominated for expropriation for the benefit of new developmental projects, as they have experienced significant capital growth in the past.

Abu Riyash said the committee will re-evaluate properties following the reversal of a prior estimate made by the Board of Grievances. The market will see the launch of a huge development project on a similar scale to the project being implemented in the central area surrounding the Grand Mosque after the Haj season comes to an end.

He added that market prices are on an upward swing and expected to settle at 25 percent higher than the current prices three months after Haj. Areas nominated for expropriation will benefit the most from such increases.

Abu Riyash said that investors and land acquisition projects prefer Al-Azeziyah Province, Al-Mansour Street, Ibrahim Al-Khalil Street, Al-Taqwa Street, Thaat Al-Nitaqieen Street, the Bathaa’ Quriash Al-Maa’bdah neighborhood, Al-Jumeeza and Al-Nassem.

He said the last two months witnessed growth in acquisition operations and investors who entered Makkah for the first time.

The process aims at collecting the largest number of properties, either by tendering these lands as development projects or keeping them until expropriation is applied for the benefit of developing private projects.

He estimated the volume of capital entering Makkah to be in the billions, saying there is a serious movement toward realizing the wishes of investors who wish to enter the Makkah market, which is one of the most attractive markets for investment.

“Al-Aziziyah, in particular from Regent’s Bridge to Mahbas Aljin, is quoting the highest prices, at between SR75,000 and SR100,000 per square meter,” he said.