Dar Al Arkan CEO says investor sentiment for Saudi property market recovering

Investor sentiment is recovering for Saudi real estate and the long-term housing demand is back in force, Anand Raheja, CEO of Dar Al Arkan Real Estate Development Co. told Bloomberg in an interview.

“The impact of the geopolitical events on real estate developers in Saudi Arabia is relatively low compared to global levels,” Raheja said, noting that “the investors have confidence as the government promotes affordable housing through mortgages, which generates demand.”

Commenting on Dar Al Arkan’s high levels of cash, he mentioned that the company has ample opportunity to deploy this cash in the Kingdom’s market.

When asked if the company has expansion plans abroad, he pointed out at this stage the focus is on the local market.

“As for our one investment in Dubai, it is mainly to meet Saudi families’ demand to purchase property in the emirate,” Raheja added.

“Our investment strategy will continue to focus on the five or six markets within Saudi Arabia,” he stated.