Arab Today, arab today 7000 properties to be requisitioned for makkah projects
Last Updated : GMT 01:38:25
Arab Today, arab today
Arab Today, arab today

7,000 properties to be requisitioned for Makkah projects

Arab Today, arab today

Arab Today, arab today 7,000 properties to be requisitioned for Makkah projects

Makkah - Arabstoday

More than 7,000 real estate units will be expropriated and demolished in Makkah in 2012 to make way for the expansion of the Grand Mosque and the development of the holy city, Al-Eqtisadiah newspaper reported on Sunday.“About 3,000 of these new units worth more than SR40 billion will be seized as part of the project of Custodian of the Two Holy Mosques King Abdullah for the development of Makkah,” said Mansour Abu Rayyash, chairman of the real estate committee at the Makkah Chamber of Commerce and Industry.He said the other 4,000 houses would be demolished for the construction of the parallel road from the western side of the Grand Mosque. “About 1,300 real estate units will be demolished next year after their value is evaluated for the construction of the second ring road while the remaining 2,700 houses will be demolished to make way for the first ring road and other development projects,” he said.Abu Rayyash explained real estate units that would be seized for the second ring road were those lying at the extension of the road joining the Al-Biban area and Al-Kaaki bakeries.“The real estate in this area is very expensive and the value of the houses to be seized and demolished may range from SR15 billion and SR20 billion,” he said.According to Abu Rayyash, 1,700 units would also make way for the construction of the first ring road, power plants and other service facilities. He believed the slowdown in real estate investment during the project’s previous phase in Makkah was caused by the focus on providing accommodation to pilgrims.“The real estate market will soon pick up especially as work has started on the projects of Custodian of the Two Holy Mosques King Abdullah to develop the holy city that carries an open budget,” he said.He estimated the share of real estate investments to be more than 40 percent of the entire investment portfolio in Makkah.“The injection of more than SR40 billion into the market next year as compensation for the owners of confiscated land will raise the level of liquidity to about SR150 billion.Abu Rayyash said investing in seasonal accommodation for pilgrims constituted about 70 percent of business for 35 to 40 percent of investors who were from outside Makkah, 20 percent of trade went into purchasing of land, and construction of permanent housing accounted for the remaining 10 percent.He expected the expropriation of land for the construction of ring and axial roads to turn currently neglected areas into attractive centers for future investment.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 7000 properties to be requisitioned for makkah projects Arab Today, arab today 7000 properties to be requisitioned for makkah projects

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday