The local real estate market is currently witnessing several changes due to the directions and decisions taken in scope of developing the industry. Selling and buying transactions seem to be running on slow pace. Nevertheless, the near future will offer opportunities through experienced companies specialized in residential and commercial real estate developments and investments. "Expectations show a move forward towards real estate investments and developments within the next five years due to the need of residential projects. And that relies on the necessity for 1.5 million units within the coming five years as per the declaration of His Excellency, the Minister of Housing. It is expected that the industry will prosper after final decisions of imposing fees on free lands' end of this year," said Hani Bahjat Khashogji, CEO of Shareek Real Estate. "All real estate organizations specialized in developments, investments and marketing pursue to contribute in improving the industry within the Kingdom of Saudi Arabia as the local market requires around 200 thousand units each year. This entails the availability of suitable atmosphere for investment and development as well as the presence of essential facilities which may support the growth. And we are glad to witnessing the government concerns characterized by the Saudi Ministry of Housing, through cooperation with the private sector, devotion to organize the real estate market and providing the right investment environments," Khashogji added. "The real estate market is one of the vital markets across the KSA and the most optimistic at the time being in spite of all the stillness, due to the coming decisions awaited from the Saudi Ministry of Housing, which no doubt will positively affect the industry. And there will be a higher chance for many serious companies to develop residential projects supported by the increasing demand on housing. It is expected that the market will surpass the present status end of this year when it will be a great timing for projects' announcement across different cities grieving from available housing units. Furthermore, there will be financing programs and affordable facilities for the Saudi citizens," Khashogji pointed out. Shareek Real Estate is working on various projects in the city of Jeddah, including Durrat Al Arous2 which will provide developed land ready for sale on beach front in addition to the Al Bustan project which is in the development process in the city of Makkah Al Mukarrama, within the boundaries of the Grand Mosque in Makkah with 600,000 meter square of land space, including residential and commercial land plots. Shareek Real Estate is also working on managing several projects considered to be residential, commercial and touristic investment opportunities.
