Arab news: House prices in Makkah have risen 100 percent as a result of high demand.
Residents whose houses were demolished to make way for expansion projects around the Grand Mosque have also called for new houses.
Citizens are now eyeing the suburbs of the holy city, including Al-Nawaryeh, Al-Sharaie and Al-Sabhani, according to local media. Prices of these houses are estimated at around SR2 million, against SR1 million last year. Demand for land for construction is on the decline as people now prefer to buy ready-built houses.
The price of 1 square meter of land exceeds SR2,000 in areas such as Al-Sharaie and Al-Nawaryeh on the outskirts of Makkah. The injection of funds from outside Makkah had earlier contributed to the rise in land prices.
The prices have since leveled. Prices are expected to decrease once the Ministry of Housing begins delivering land plots and embarking on the construction of houses, which will be handed to citizens when building operations end.
Categories: Asia, Economics, Saudi Arabia
