Real estate prices expected to drop this year

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  Reuters - The increasing real estate prices will decline in 2013.

The increasing real estate prices will decline in 2013, Ayed Al-Qahtani, head of the Real Estate Committee in the Eastern Chamber, told a local newspaper. During a symposium on real estate in Dhahran last week, Al-Qahtani said that real estate prices in some areas of the Kingdom rose during the past four years by 150 percent. The Saudi market overcame all the consequences of the global crisis of 2008. “This gave way to a great confidence in the country’s real estate market,” he said.

The Eastern Province has the highest number of real estate auctions, and the most diverse new products in the sector, despite the obstacles it is facing. “A developer must obtain a so-called Aramco document, before any new land scheme can be approved. That is the biggest obstacle for the sector,” said Al-Qahtani.
The problem of liquidating assets, which distressed real estate contributions, was resolved in 2012 through the direct supervision of the Ministry of Commerce.
“The mortgages finance regulation was approved last year, with its many passages and codes. This is considered to be a strong driver for the real estate market in the Kingdom, with the inclusion of mortgage, leasing finance, executive judiciary and assessment,” said Al-Qahtani.
He said that assessment law is the most difficult of all, and should only be applied with a clear and precise mechanism. He mentioned the US mortgage crisis that led to the collapse of the property sector. He stressed that the establishment of a commission for assessment is a good step forward to implement the law.
For 2013, Al-Qahtani predicted, “Residential units still fall short to cover the demand in the Kingdom. The market here needs more than 300 thousand units, against the 120 thousand units provided by developers annually,” he concluded.

Top 10 Splurge Kings Around The World

When you are a billionaire, you can afford it all. And when you can afford it all, you must buy it all. At least that’s what the men in our list do:

1. Prince Alwaleed bin Talal

The Saudi Arabian billionaire ranks among the biggest spenders of the world. But his possessions are only a small part of what his net worth is. His most ambitious buy: Airbus A380, which costs in excess of $300 million.

2. Joseph Lau

The Hong Kong business magnate doesn’t hold back when it comes to buying gifts for his dear ones or just buying a piece of luxury for himself. His most ambitious buy: Boeing 747-8I VIP – $153 million.

3. Larry Ellison

The CEO of Oracle Corporation splashes out his dollars on the most expensive of yachts, islands, private jets, watches, etc. Nothing is too costly for the man who happens to be the 8th richest person in the world. His most ambitious buy: Hawaiian Paradise - $ 500-600 million.

4. Richard Branson

The Virgin Atlantic boss splurges and splurges in style. He is popular for his flamboyance and he puts to use the same while buying his favourite possessions. His most ambitious buy: Eco Island- $120 million.

5. Brad Pitt

One of the best and most popular actors in the world, Brad Pitt is well-known for his taste. And apart from buying only the best suits and watches for himself, he makes sure the lady in his arms, Angelina Jolie, is not left behind. We don’t know if this is the most expensive thing he has ever bought, but it does deserve a mention in the list. A $390,000 Patek Philippe Minute Repeater as a gift to Angelina Jolie.

6. Donald Trump

He dresses rich, he flies rich, he holidays rich and he lives rich. Donald Trump is not known for curbing his temptations to buy the best for himself. His most ambitious buy: $125 Million Home- The Most Expensive House in America.

7. Roman Abramavich

The billionaire and the owner of the private investment company Millhouse LLC, Roman Abramavich lives life king-size. No matter how enormously he spends, the money in his bank account is always stacking up. His most ambitious buy: Eclipse - $800 million.

8. Jay Leno

The American stand-up comedian is known for spending lavishly. Subtlety has never been an asset to him and his expensive buys have a long list. His most ambitious buy: Mercedes SLR McLaren- $450,000.

9. David Copperfield

The billionaire from America has quite a liking for islands. His most ambitious buy: A $50 million Island located at Bahamas.

10. Paris Hilton

The hotel heiress has always been in news for her lavish lifestyle. Taking out a list of her ambitious buys would mean flooding this page with plethora of big brand names. Let’s straightway get to her most ambitious buy: Diamond studded Bentley GT Continental- $285,000.


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