North Riyadh emerging as major Saudi real estate investment hub
North Riyadh is rapidly growing into the Kingdom of Saudi Arabia's newest real estate investment hub. Industry experts revealed that property trade in the area reached around SAR 2 billion in 2009, with many more projects currently underway as part of efforts to establish a 'New Riyadh.' The northern part of the capital and largest city of SaudiArabia is attracting greater interest from real estate developers and investors due to its upbeat property market, which is offering greater variety over the central districts.
The 2.5 million sqm Al Gamra Project is expected to draw significant residential demand resulting from the projected growth of the Saudi population to 26.5 million by 2013 to Northern Riyadh. The Project offers ready-to-build housing plots that are designed to be a natural extension of the northern suburb. Injaz Development Company, the Riyadh-based master developer and property investment firm overseeing Al Gamra, has commenced selling units at Cluster 9 of the project after recently selling out Cluster 7.
"Al Gamra's four blocks of prime residential land are capitalising on the growing number of mega properties rising up in north Riyadh. Local, regional and global firms are also attracted to the location's proximity to Riyadh's international airport and key medical and educational sites. Al Gamra has emerged as a model of northern Riyadh's real estate potential and so we are expediting work on this key development. We expect Cluster 9 to sell as quickly as the previous batch we recently closed out," said Omar Al Kadi, President and Managing Director, Injaz Development Company.
The Al Gamra Project is situated between the north highway and King Fahad Road towards the north on Abu Bakr Al Seddig Road, close to the Prince Salman Road. Its elevated location offers added value to investors.
Injaz Development Company has been delivering total solutions for the local and regional property sectors since 2006. The company's services include identification and acquisition of potential real estate investments, internal and third-party project development, property marketing, and sales support such as financing through local banks.
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