Land prices in north Jeddah have increased dramatically as a result of the ongoing construction of King Abdullah Economic City (KAEC) in Rabegh, and the King Abdullah University for Science and Technology (KAUST) in Thuwal, said real estate agent Salem Al-Zahrani. Many investors have started to look for land close to the these locations, and real estate agents estimate that land prices have more than tripled in the last few years. “We used to sell 900m of land for around SR25000,” said Al-Zahrani. “The same land would now cost a hundred thousand or even more. “ Prices are subject to location, with property on important streets being more valuable. “There is land worth more than a million riyals on the newly built King Abdullah Road that connects Madinah Road on the east to the sea,” he added. Moreover, the Executive Director for Durrat Al-Arous, Mohammed Baljhi, said that there has been greater interest in residential units at the Red Sea beach resort. “Many of these investors are looking for places with sea views,” said Balkhi, adding that there has also been increased demand for units of different sizes and designs. Baljhi said that people want to invest their money in locations close to KAEC, a huge development project under the direct supervision by the Custodian of the Two Holy Mosques, King Abdullah Bin Abdul Aziz. “This massive economic city will be a magnet for Saudi and international investors from both the private and governmental sectors,” he said. Investors see Durrat Al-Arous as a good opportunity to obtain residential land close to the KAEC. He said work is underway to widen the road from Dhahban Intersection Bridge to Durrat Al-Arous. “The road will be 52 meters wide with pavement and lights, which will increase security at the beach city,” he said. __
