A Saudi unit of Emaar Properties has launched its third project at Jeddah Gate, its master-planned community in the kingdom’s second-biggest city.
Emaar Middle East is developing Emaar Residences, which will have 283 apartments and penthouses in three towers.
The size of the residences, which will have between one and four bedrooms, range from 70 to 300 square metres.
The developer said the homes would be in the heart of the 413,000 square metre Jeddah Gate project, overlooking King Abdullah Road, the Red Sea and Emaar Square Plaza, which has recreation and shopping facilities.
It follows the launch of Abraj Al Hilal 1 and 2 – a pair of residential clusters with three towers each, housing 273 and 308 apartments respectively.
All the units at Abraj Al Hilal 1, where work started in 2007, have been handed over to the buyers. Construction work on Abraj Al Hilal 2 is continuing.
According to the property consultancy JLL, sales of apartments in Jeddah dropped 4 per cent in value in the third quarter from the same period last year, while sales of villas fell 5 per cent.
This was blamed on the high cost of new homes, which is forcing more people into renting property. Apartment rents have increased 20 per cent year on year and villa rents are up 5 per cent.
”Buying property remains a difficult option for middle-income households,” said Jamil Ghaznawi, JLL’s country head for Saudi Arabia. “The ministry of housing, however, has plans to combat this shortage with the construction of about 15,000 additional units of affordable housing by 2017.”
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