Engineer Hamid bin Hamri, a member of the Real Estate Committee in the Asharqia Chamber in the Kingdom of Saudi Arabia, revealed the reasons for the rise in real estate prices in Riyadh, pointing to the prices of subsidized apartments.
During his intervention on Al-Rased program on Al-Ekhbariya channel, Hamri said: “The economic movement in Riyadh is accompanied by three things, which are stopping sukuks, expropriating ownership, the size of huge projects, and their openness to global events.”
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He added: “These matters affect the rise of real estate at a rapid speed, especially in Riyadh.”
He added: “Whatever rose 100% rose 300 or 400%.”
Then he continued: “Prices rose four-fold in Riyadh, but in Eastern Province they did not exceed 100% in 3 years.”
Regarding the prices of subsidized apartments, he said: “The developers, in cooperation with the Ministry of Municipal and Rural Affairs and Housing, provided real estate products and units at subsidized prices, and we now have 3-bedroom apartments with an area of 141 square meters, including a living room, a hall, 3 bathrooms, and a kitchen, at a price of 117 thousand riyals, after the subsidy is due for those whose salaries range from 7 to 10 thousand riyals.”
He also added: “There are apartments for 181 thousand riyals, the installment does not exceed 1,100, and they consist of 4 bedrooms, a maid’s room, and a living room, and the smallest duplex with an area of 244 square meters is priced at 290 thousand riyals.”
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2023-11-24 15:11:00
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