Mecca region is expected to witness a real estate boost in the coming period as many real estate statistics refer to a huge market growth either in residential or commercial sectors in the latter period with expectations of continuation in the future.
A study issued by the studies center in Mecca Chamber of Industry and Commerce mentioned that real estate deals in Mecca in all properties’ sectors has risen to reach 63.8 billion dollars in 1435 compared to 61.6 billion dollars in 1434.
Number of real estate experts predicted the completion of 160 thousand hotel rooms by this year in Mecca, while occupation rates could reach during ordinary days 65% and hikes during Ramadan and pilgrimage seasons to 95%.
The real estate flourish in Mecca goes back to the quadrupling number of hospitality projects taking place as many real estate investors and developers are moving towards removing mountains and rocks to establish hotels due to Mecca’s geological nature and the scarcity of vacant lands.
The rising number of hotel projects goes back to the hiking demand on hospitality as the area is expected to host more visitors by the completion of King Abdullah’s Haram Expansion Project.