Construction Industry Having Bright Future In Riyadh And Jeddah
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Construction Industry Having Bright Future In Riyadh And Jeddah As the real estate scenario is not so friendly nowadays, even the companies which are use to provide from long time period are not able to provide apartments these days. Even they are struggling to provide and this all is because of high demand of in Riyadh. In Riyadh mainly population belongs to young generations which are in need to get settle down by having their own but as the sudden increase in demand resulted into increase in price of apartments so people are not able to afford to buy which has been result into increase in demand for in compare to . Thus increase in demands for apartments on rent as consequence into high rents for apartments. Other than in Riyadh the demand for apartments in Jeddah has also been increased and the reasons behind this is huge demand in Riyadh and supply is less so people start moving towards Jeddah and 2nd one is economy slowdown in neighboring countries of Saudi Arabia as result in people start moving to Riyadh and Jeddah. But the township market has been hampered in Jeddah because of high selling prices and less supply for lower and middle income segments. This as result demand for , is too high. Even having waiting list of 8 to 10 months in Riyadh and Jeddah people secure apartments at rent easier based on nationality of applicant. For example, lotus V a compound in north Jeddah was set up for French community so vacancy at such compounds give 1st preference to French people without considering waiting lists. In Riyadh the rent for apartment stands between $ 40000 for one bed room to $ 200000 for 6 bed rooms which are located near by airport and corporate areas while the rent for apartments in other areas are between 21000$ for 1 bed room to 46000$ for 5 bed rooms. Thus there is huge difference in Riyadh only between different areas. Around 47% of population of Riyadh is having . But before 2 decades it was 46.75% which means only 0.25% population has been able to get their in last 2 decades and this all is because of high cost of land in Riyadh. Around 40% cost of building holds the cost of land in Riyadh which as result into high manufacturing cost which as result into hampers in building of apartments because of lack of financial channels.
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