Saudi Arabian developers intend to launch the Gulf Kingdom’s first real estate index in the country’s second largest city of Jeddah to provide data on property for investors and clients, the project sponsors said in remarks published on Tuesday.
The Jeddah chamber of commerce and industry will house the index center, which will include an electronic hall and other facilities, said Abdullah Al Ahmari, head of the chamber’s real estate assessment and auction committee.
He told the Saudi Arabia language daily ‘Al Eqtisadiah’ that the index would provide detailed data to investors, sellers and buyers on the real estate sector, property prices, construction projects, relevant government decisions and other information.
“The index will be launched soon after we completed studies for this important project and the mechanism for its operation.
“It will be the first of its kind in Saudi Arabia and will be based at the Jeddah chamber,” he said.
He said the index, which follows the approval of the long-awaited mortgage law in the world’s dominant oil exporter, would be sponsored by the chamber along with key real estate companies. Al Ahmari said the index would also provide data online, adding that it would contribute to stimulating the property market in the Western Red Sea port.
[Image via Shutterstock]