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S.Arabia: Rent set to increase every 5 years

Posted on 09 May 2013

Rents will increase every five years due to the negative impact of recent decisions that obligate owners of vacant lands to either build or sell the land altogether. Owners not able to build on their vacant lands may be forced to sell, according to experts in real estate.
Talal Samarqandi, chairman of the Engineering Houses Commission at the Jeddah Chamber of Commerce and Industry (JCCI), said, “The percentage of vacant lands in Saudi cities lies at 50 percent. However, selling such lands will cause a rise in the price of housing units every five years because of the increase in the volume of sales.”…………………………………Full Article: Source


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