Artar: Developers must ease pressure on investors
GCC developers must work to ease the financial burden on investors and end users, according to the chief executive of Saudi Arabia’s Artar Real Estate Development
Given current economic challenges, GCC property developers must work to ease the financial burden on investors and end users.
This is the view of Sulaiman Abdulrahman Al Rashid, chief executive of Saudi Arabia’s Artar Real Estate Development.
Speaking ahead of Cityscape Jeddah, which will take place from 2-4 November, 2016, Al Rashid said that there is a growing requirement for developers to deliver greater liveability, and more flexible payment plans that delay financial outlay until after completion.
“Developers must change to keep up with new demands of investors and end users,” he explained. “They are more astute as a result of the challenging economic times we face now, compared with the boom area of a few years ago, and want more for their money.
“The clear message to developers is that people don’t now expect to pay the biggest chunk of the cost of a home until after completion; not through the construction period.”
Al Rashid said that projects like Artar’s 36-storey Mada Residences, which is being developed in Downtown Dubai, reflect the changing face of residential property in the Middle East. He is confident that liveability and flexible payment options will appeal to today’s end users and investors.
“Our 30/70 payment plan for Mada Residences helps investors and end users with their cash flow, and reinforces our reputation as a developer committed to delivering quality homes on time,” he commented.
“Genuine liveability is a top priority in many other parts of the world, and giving people a better level of space and comfort is something that developers in this region must focus on; it has a major influence these days on where people decide to live,” Al Rashid concluded.