Makkah mayor debuts real estate price index
The property price index will provide real estate price data for Makkah, as well as other cities in the KSA, and neighboring countries.
May 25, 2010 9:54 by Katherine Azmeh
The index will give information on property prices not only in Makkah, but also in other cities in the Kingdom and neighboring countries.
It will also display the volume of trade conducted by various companies participating in the second Makkah Exhibition for Real Estate, Construction and Investment, where the index was launched.
In his inaugural speech, Al-Barr praised the economic strength of Makkah.
“The economic strength of Makkah has not been affected by the crisis that hit the world in recent times. On the other hand, the crisis in other places proved that Makkah is on the right road to becoming one of the most advanced cities in the world as envisaged by Makkah Gov. Prince Khaled Al-Faisal,” he said.
He pointed out that the completion of the Holy Sites Railway project would make Makkah the first Saudi city to use railway for inner-city public transport.
He added that since Makkah was attractive to investors, the volume of investments in the city was expected to grow at a rapid pace, bringing in greater progress.
He said the municipality was working hard for the city’s ongoing urban development with the budget allocated by the Ministry of Municipal and Rural Affairs.
Al-Barr added that the city obviously needed more attention because it was the center for all Muslims worldwide, attracting more than 10 million visitors annually.
The tunnel and underpass projects in the city required SR20 billion of funding, he said.
He added that the private sector had a major role to play in the development of Makkah.
Al-Barr hoped that projects for underdeveloped districts launched earlier in the year would attract SR100 billion in investment over the next six years, he said.
It was announced that the municipality’s investment arm Al-Balad Al-Amin Co. would start a low cost housing project. Ten large Saudi companies have been selected to compete for contracts to be finalized in July, Al-Barr added.
During the first phase of the project, known as Umm Al-Joudah, 5,000 residential units will be constructed, he said.