10/01/2011
Real Estate suffers of some issues
During an expanded meeting of the Real Estate in the Eastern Region
During the Real Estate's expanded meeting in the Eastern Province in which called for establishing of a supreme authority of property in the Kingdom to organize the Real Estate activities in the market and solve its problems and prevent negative phenomena that appear from time to time, that started out from the absence of common standard reference for the sector ..
The meeting held yesterday Sunday 9 January,2011 confirmed on the need for this authority to be a reference for real estate activity, which appears distracted by the Ministry of Municipal and Rural Affairs, Justice, Commerce and Industry, what sorts set of problems facing the sector.
Asharqia Chamber Acting Secretary General Abdulrahman bin Abdullah Al Wabel, In a speech welcoming the attendees, pointed out that the Real Estate sector is witnessing major developments, yet suffers from the other hand a number of difficulties perhaps most prominent is update the legislation, which emphasizes the need for the establishment of this proposed authority.
on the other hand, Chairman of the Real Estate Committee Ayed Bin Farhan Al Qahtani noted to that real estate sector in the Eastern Region is one of the most important sectors, as the Kingdom's Real Estate is of the best markets in the world, in 2008 affected all markets, including markets in near countries, while our market has witnessed a sharp rise in demand by 200% yet the gap continues to exist between supply and demand for residential units.
Al-Qahtani said that the Committee's functions is to enhance the Real Estate sector in the Eastern Province, which suffers many of the problems such as the issue of funding, and documents and delays, as well as higher prices, in addition to other problems such as disagreement among some citizens and investors with Saudi Aramco, we hope to improve in the future.
Above all; the meeting highlighted many ideas aimed to develop the sector, and solve its problems, such as the attempt towards making Real Estate a subject to be studied within the school courses, and organizing of its valuation, and pay attention to the media to spread its culture , and benefit from the experiences of other countries in dealing with Real Estate transactions.
