Dar Al-Arkan sees encouraging signs in Saudi realty market; Shams Ar Riyadh Phase 1 delivery in September

Ziad El Chaar, Vice Chairman of Dar Al-Arkan Real Estate Development Co.

Saudi Arabia’s residential real estate market is witnessing encouraging signs, driven by a remarkable growth in demand for properties in Riyadh and Jeddah, Vice Chairman of Dar Al-Arkan Properties, Ziad El Chaar, told Argaam in an exclusive. 

One of the factors that helped boost the performance of all major segments in the real estate sector was the improvement in business confidence during the peak lockdown period in 2020. This was supported by the economic reforms based on Vision 2030 and the efficiency of rapid response measures to the pandemic, El Chaar said.

"We are developing five phases of Shams Ar Riyadh project, and the delivery of the first phase will begin in September," he said, while commenting on the latest developments of the company's local and overseas projects.

"We also launched sales of luxury freehold apartments in Makkah-based Dar Al Mashaer project, and the delivery of the project units will commence in late 2021," El Chaar noted.

Dar Al-Arkan is also working on Shams Al Arous and Qasr Khozam projects in Jeddah, and the apartments of the two projects will be offered for sale before the end of 2021. The developer also entered the final phase of sales and delivery of Naeem Al Jiwar project in Madinah.

“We focus on various segments amid high demand, in addition to our focus on innovation and top-notch technologies to transform into a leading provider of real estate services in the market,” El Chaar said while talking about the company's strategy and goals.

Dar Al-Arkan launched a brokerage portal, which includes more than 2,000 property listings in Riyadh and Jeddah, in a step reflecting a more modern approach based on digital technologies.

With regards to the company’s benefit from the support of Quara Holding, El Chaar said the latter is mainly involved in real estate investments and financial technologies, which will greatly reflect on Dar Al-Arkan in the future through its role in providing a better customer service.