Jeddah land prices jump 30%

28 Dec 2011

(MENAFN) Colliers International, the property consultancy, said that in 2011, land prices in Jedda surged 30 percent, boosting home prices, reported The National.

The company added that it was difficult to construct inexpensive housing to please the majority of the population, since land prices, which represented between 50 percent and 60 percent of overall development costs, increased significantly in the past year.

It also said that since apartments in towers under construction along the waterfront were priced at between USD3,198 and USD5,864 a sq meter, the majority of the population couldn’t afford them, however, they attracted rich buyers.

It is worth noting that villa prices in the Saudi capital grew 9 percent in the past year to reach USD839 a sq meter, whereas apartment prices rose 8 percent to USD762 a sq meter, on the other hand, a villa price in Jeddah jumped 15 percent from 2010 to USD1,060 a sq meter.

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