Saudi Arabia ranks 2nd in real estate market
JEDDAH:, January 7, 2008
Saudi Arabia is ranked as the second largest real estate market in the world, with an estimated investment of SR300 billion ($80 billion).
“JCCI and the Commerce Ministry agreed to append the title “real estate assessor” to a registered real estate broker who passes the training programme,” said Jeddah Chamber of Commerce and Industry (JCCI) chairman Saleh Al-Turki was quoted as saying by Arab News.
The real estate assessment is an independent and honest estimate of the market value of a piece of real estate, but is different from fixing a price. The assessment is made in a scientific manner with due consideration of different factors without any bias to any party in a transaction or loan.
Turki also said that the King Abdul Aziz University in Jeddah was making a feasibility study concerning the launch of a specialization in real estate assessment.
The JCCI chairman said the chamber was striving to help the local real estate professionals develop their skills and be capable of collecting and analyzing market data using the latest accounting, statistical and engineering techniques.
“Scientific assessment is vital in the real estate sector which is passing through a boom in the Kingdom. The membership in the World Trade Organization and the entry of several regional and international companies into the local market have added to the importance of developing the assessment skill and raising its professional standards in order to regulate the real estate market,” he said.
He expected the real estate sector in the country to grow rapidly over the next few years for several reasons. They are the steep rise in oil prices, the launch of new economic cities and industrial zones and the increasing population.
According to a recent report of the Council of Saudi Chambers, investments in the Saudi real estate sector are set to grow at the rate of 2.9 percent in view of the fast population growth in the Kingdom. The real estate industry will achieve 6.7 percent growth over the next five years thanks to commercial and residential projects in addition to the demand for land and houses. – TradeArabia News Service
More Construction & Real Estate Stories
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum
- Naseej inks deal to develop Bahrain projects
- Dadabhai unveils new residential project
- Flowcrete completes Dubai Mall project
- Global asphalt demand hits new high
- $1.3bn infrastructure investment firm set up in Saudi
- Manara sees big project villa success
- Global giants eye RAK utility projects
- Cayan partners with international artist Zsuzsanna
- Samsung, Hyundai win $1.7bn Iraq deals