Real estate investment in Northern Riyadh is expected to grow even stronger, keeping in line with the increasing focus across the region for more residential and urban development, a recent report by Injaz Development Company has found.
This promising investment outlook coincides with the recently enacted Saudi Mortgage Law, which was introduced to provide funding for urban development projects across Saudi Arabia and ultimately boost the Saudi economy.
“The real estate boom in Saudi Arabia is mainly driven by the newly introduced Real Estate Mortgage system, which is part of a five-point system to generate real estate funding in the country. The favourable market outlook as well as several other influential factors will stimulate urban development in Northern Riyadh, particularly in the development of high-quality residential properties of varying sizes,” said Omar Al Kadi, CEO and managing director of Injaz Development.
“Moreover, we can also expect the rapid development of other key amenities, including service centres, integrated services, modern road networks and interactive public transportation systems.”
“We expect a continued flow of investments for urban development across Northern Riyadh in the foreseeable future to meet the demands of the region’s growing population. The development of a central road network within Northern Riyadh, along with a number of other vital projects, including the King Abdullah Financial District and the Princess Nora Bint Abdul Rahman University, will help reinforce the reputation of Riyadh as a first-class investment destination,” he added.
Taking advantage of the favourable market conditions in Northern Riyadh, Injaz plans to launch new projects in the region, including Al Gamra 10, one of the four blocks in Al Gamra Project – a 2.5 million sqm project in Northern Riyadh.
“In this regard, the Al Gamra 10 project is being undertaken to complement the government’s urban development plans, as it will serve as a tool to generate more investments in Northern Riyadh,” said Al Kadi.
The Riyadh-based master developer and property investment firm has launched a number of projects that support the urban development strategy being implemented in Northern Riyadh.
The urban development projects in the region ultimately aim to accommodate the needs of its rapidly growing population, which is expected to reach over 700,000 by 2030. Moreover, it will create more job opportunities for residents and generate greater economic contributions from the private sector.