- Title: SAUDI ARABIA: Saudi Arabia aims to reform its housing sector
- Date: 1st May 2013
- Summary: RIYADH, SAUDI ARABIA (APRIL 28, 2013) (REUTERS) ***CONTAINS FLASH PHOTOGRAPHY*** SAUDI MINISTER OF HOUSING, SHOWISHA AL-DUWAIHI, CUTTING THE RIBBON FOR THE OPENING CEREMONY OF RIYADH REAL ESTATE & URBAN DEVELOPMENT EXHIBITION BANNER READING IN ARABIC: 'Welcome to the Riyadh Real Estate and Urban Development Exhibition' HOUSING MODELS/ AL-DUWAIHI AND OFFICIALS DISCUSSING HOUSING MODELS AT EXHIBITION VISITORS AND OFFICIALS LOOKING AT MODEL OF A HOUSING PROJECT IN RIYADH (SHAMS ARRIYADH) WIDE OF EXHIBITION VARIOUS OF ENGINEER SPEAKING TO CUSTOMER ABOUT HOUSING PROJECT VARIOUS OF SHAMS ARRIYADH HOUSING PROJECT VARIOUS OF ENGINEER EXPLAINING THE SHAMS ARRIYADH PROJECT TO CUSTOMER LOGO OF DAR AL-ARKAN REAL ESTATE COMPANY, OWNER OF THE SHAMS ARRIYADH NEW HOUSING PROJECT IN RIYADH VARIOUS OF HOUSING MODELS (SOUNDBITE) (Arabic) SAEED AL ZAHRANI, CUSTOMER SEEKING HOUSING OFFERS, SAYING: "The real estate companies that are offering residential villas and apartments, are still demanding very high prices, imagine the price of an apartment is between 700,000 to 800,000, (Saudi Riyals) ($200,000). The situation is very difficult, and I expect that I'll go out of the exhibition without any hope that I may benefit from a particular offer that would satisfy any person looking for a suitable accommodation for himself." WALEED JANODI, SALES DIRECTOR OF THE SARAI DEVELOPMENT LTD SPEAKING TO A CUSTOMER VARIOUS OF HOUSING MODELS (SOUNDBITE) (Arabic) WALEED JANODI, SALES DIRECTOR OF THE SARAI DEVELOPMENT LTD, SAYING: "The system of sales on the map, guarantees the housing seekers with housing units under the supervision of the Ministry of Commerce. It is a full guarantee for any person interested in getting an accommodation. In addition to that, some Saudi banks have started offering financing programs and contracts with the cooperation of real estate developers." MORE OF HOUSING MODELS CLOSE OF HOUSING UNIT FROM AL SARAI DEVELOPMENT COMPANY (SOUNDBITE) (Arabic) TURKY AL AMOUDI, CUSTOMER, SAYING: "The prices of villas within the city (Riyadh) are somehow high, the prices reached 1.5 million and 1.7 million (Saudi Riyals). Outside the city, the prices are more reasonable for those with middle or high incomes, they range between 800 to 900 thousand Saudi Riyals, so there is a big difference between the prices of villas in and outside the city, that's why house seekers tend to look around in many places in order to find the best offers." CUSTOMERS LOOKING AT HOUSING PROJECT VARIOUS OF HOUSING PROJECT VISITORS TOURING THE EXHIBITION LOGO OF MINISTRY OF HOUSING AT THE EXHIBITION BANNER READING IN ARABIC: 'You are in the largest real estate event in the Kingdom' VARIOUS OF VISITORS AND CUSTOMERS CARRYING THE BAG OF REAL ESTATE COMPANIES VARIOUS OF PEOPLE AND FOREIGN INVESTORS TALKING VARIOUS OF TRADE PROJECT OF THE COMMERCIAL ZONE FROM DAR Al ARKAN REAL ESTATE COMPANY
- Embargoed: 16th May 2013 13:00
- Keywords:
- Location: Saudi Arabia
- Country: Saudi Arabia
- Topics: Business,General
- Reuters ID: LVA519X9IESNAY7A13B8QDJGNVJU
- Story Text: Saudi property developers showcased on Sunday (April 28) some of their latest housing models during a real estate exhibition at the Saudi capital Riyadh.
The exhibition, which was inaugurated by the Saudi minister of housing Showisha al-Duwaihi, is part of the kingdom's efforts to reform its housing and labour sectors to make it easier for citizens to get places to live and jobs at private companies.
The exhibition also comes after a royal decree in April ordered ministries to give up land for development to the Housing Ministry.
Wealthy Saudis have bought residential land plots around the country as long-term investments, pushing up prices and making them too costly for developers of lower-income housing. Under a previous system, other plots were awarded as land grants to citizens who could not afford to develop them.
Saudi citizen Saeed al-Zahrani said the housing offers presented in the exhibition were still unaffordable.
"The real estate companies that are offering residential villas and apartments, are still demanding very high prices, imagine the price of an apartment is between 700,000 to 800,000, (Saudi Riyals) ($200,000). The situation is very difficult, and I expect that I'll go out of the exhibition without any hope that I may benefit from a particular offer that would satisfy any person looking for a suitable accommodation for himself," said al-Zahrani.
However, sales director of the Sarai Development Ltd Waleed Janodi, said various measures have been taken to secure house seekers with fair prices.
"The system of sales on the map, guarantees the housing seekers with housing units under the supervision of the Ministry of Commerce. It is a full guarantee for any person interested in getting an accommodation. In addition to that, some Saudi banks have started offering financing programs and contracts with the cooperation of real estate developers," said Janodi.
Another Saudi citizen, Turky al-Moudi, said the houses in the capital are too expensive.
"The prices of villas within the city (Riyadh) are somehow high, the prices reached to 1.5 million and 1.7 million (Saudi Riyals). Outside the city, the prices are more reasonable for those with middle or high incomes, they range between 800 to 900 thousand Saudi Riyals, so there is a big difference between the prices of villas in and outside the city, that's why house seekers tend to look around in many places in order to find the best offers," explained al-Moudi.
A shortage of land in big cities has frustrated efforts to build half a million homes - a project ordered by King Abdullah in 2011 which analysts say was one of several steps taken to avert 'Arab Spring'-style unrest. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2013. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
