A real estate chief has said that investors and banks are showing increasing interest in investing in the Saudi property market.
Injaz managing director Omar Abdullah al-Kadi said at Cityscape that the KSA market offered significant returns and was drawing interest at the real estate show in Dubai.
“Cityscape Dubai this year reinforces the discussions that we have had with a number of individuals and organisations in Gulf countries over the past year or so, especially since the unveiling of our projects in Saudi Arabia," he said.
“The average rate of returns from Saudi real estate market is in the range of 10 to 25%, which is extremely attractive by international standards,"
Injaz is currently working on two projects in Saudi Arabia, Al-Marina in the Eastern Province, and Al-Gamra in Riyadh. Al-Kadi said both projects had now received approval from the Saudi government to begin unit sales and provided a construction update.
"We have already begun landscaping work at the Al-Marina site. Infrastructure development work will begin in early 2010," Al-Kadi said.
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