Saudi Arabia's unique demographics to sustain long-term demand for residential properties
Saudi Arabia has emerged as an excellent long-term investment destination for residential properties on account of its unique demographics wherein recent statistics show that 40 per cent of the population is under the age of 14. In addition, the Saudi property market has remained resilient and stable despite the global economic downturn, prompting analysts to conclude that the long-term outlook for Saudi's real estate sector remains extremely positive.
With an eye on the long-term property demand in the country, new residential development projects are now underway in North Riyadh as Cluster 7 of the Al Gamra Project has been completely sold out with 60 per cent of all deeds already transferred. Located in what is acclaimed to be Saudi Arabia's "New Riyadh", Al Gamra Project offers nearly 2.5 million square metres of master-developed, ready-to-build housing plots that are designed to be a natural extension of Riyadh's northern suburb.
Injaz Development Company, the Riyadh-based master developer and property investment firm overseeing the Al Gamra Project, has announced that it is now initiating sales of cluster 9 following the successful sales results of Cluster 7. Moreover, Injaz revealed that it will be offering promotional offers and accepting reservations for Cluster 9 and will be presenting other property offerings and future projects during the Riyadh Exhibition for Real Estate and Architecture Development (RESTATEX) 2010, taking place from May 9 to 12 at the Riyadh International Exhibition Centre.
Omar Al Kadi, President and Managing Director, Injaz Development Company, said: "The Al Gamra Project has many distinguishing factors that make it a leading investment destination in North Riyadh, and one of the most important factors is the road network neighbouring the project, including Prince Salman Road, which has a noticeable effect in boosting real estate growth in that area. The project's proximity to a number of top projects being developed in North Riyadh plays a major role in enhancing the value of Al Gamra, as these projects hold massive growth potential and attract investments from local, regional and international companies. Another very important factor that boosts the strategic importance of Al Gamra is the fact that its land level is naturally higher than the surrounding area, providing additional value to investors."
Al Gamra Project is located in the area between the north highway and King Fahad Road towards the north on Abu Bakr Al Seddig Road. The project is also in proximity to leading destinations and landmarks in Riyadh including King Khalid Airport, Princess Noura University, Al Imam University, SABIC and Security Special Force.
The 13th edition of RESTATEX will be attended by senior officials in the ministry of municipal and rural affairs, council of Saudi chambers of commerce and industry, Riyadh chamber of commerce and industry, the heads of leaders' real estate companies, selected investors, and heads of banks. Injaz will be showcasing its comprehensive property portfolio and discuss expansion plans during the event.
Injaz was established in 2006 to develop total solutions for the local and regional property sectors. 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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