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Expert: The price of iron and blocks increased by more than 10% during the current month.

An expert in engineering economics, Dr. Muhammad al-Jalali, confirmed that real estate prices rose by nearly 10 percent after the rise in the prices of iron, cement and other building materials. He believed that the prices of blocks, gravel and sand would inevitably rise after the increase in the price of industrial diesel by a rate ranging between 10 and 15 percent, as the crushers work on diesel, pointing out that operating cement plants and block presses also requires diesel. He pointed out that what governs the price of the property today, in addition to costs, is the volume of demand, as well as the region.
He pointed out that it is noticeable in the market now that the percentage of new investment projects for real estate development is small due to the high costs, indicating that the overall investment has decreased, as well as investment in the real estate field with the exception of new cities such as the suburb of Al-Fayhaa and some projects of the Public Housing Corporation. He explained that the cost of one square meter of building is currently about 350 thousand pounds on average, in addition to the land, and if there are basements in the building, the cost will be greater. He pointed out that the price of one ton of cement in the private sector today is around 130 thousand, and the homeland of iron is about 1.6 million pounds.
He pointed out that a slight increase in the exchange rate during the past month led to an increase in the price of iron, as one ton at the beginning of the month was around 1.4 million, and today it has reached 1.6 million, while cement did not increase. He concluded by saying: If there is no increase in the citizen's income level, there will be no demand for real estate in the coming days.

by Farah alammar

75% of housing cooperative societies held their public bodies and deliberations with the real estate bank to raise the value and duration of loans and reduce interest

Director of Housing Cooperation at the Ministry of Public Works and Housing, Walid Yahya, revealed that more than 75% of housing cooperative societies have held their public body meetings this year after the issuance of Law No. 37 of 2019, which stipulates that all housing associations are affiliated with the Ministry of Public Works and Housing.
Mr.Yahya emphasized that unifying the authority overseeing the work of housing cooperative societies contributed greatly to developing a vision and strategy for the housing cooperation sector aimed at reducing errors that were committed in cooperative work, providing the needs of this sector, unifying the legal reference and management, while preserving the independence of the association’s work in Achieving the interests of its members according to what was stipulated in Legislative Decree 99 of 2011, and he added: The number of housing cooperative societies in the country has reached nearly 2,500 societies that include more than one million cooperative members for various stages of membership, including the beneficiary, the allocator, the subscriber and the
affiliate.
Yahya explained that the associations in which the general assembly was called and the quorum of the general assembly was not complete, so the existing board of directors is considered a temporary board of directors whose task is to work on calling again for the general assembly meeting, and as for the associations that the boards of directors did not invite to the general assembly, the membership of the members of the board of directors is dropped. And the formation of a temporary council in accordance with the text of Decree 99 of 2011 to undertake the mission of advocating the General Assembly.
Yahya indicated that associations that do not have projects are dissolved and their money distributed to members, and the number of societies that have been dissolved so far has reached more than 200 societies, and associations that have projects and in order not to miss the opportunity for members to benefit from these projects, they are combined with successful associations and maintain members The merged association assures all of their rights in the association they merged with, and the number of associations that have been merged so far has reached more than 100 associations nationwide. The Director of Housing Cooperation pointed out that as a result of complaints from members and their follow-up by the sub-directorates and the Central Directorate of Housing Cooperation, and it was found that there was a defect, a number of boards of directors of the associations were referred to the Central Authority for Supervision and Inspection to investigate the issues raised in these
complaints
Yahya confirmed that the Ministry of Public Works and Housing seeks to provide everything that would provide cooperative housing for members at the lowest possible cost, whether in terms of securing lands for association projects or raising the loan amount, revealing discussions now with the Real Estate Bank to raise the ceiling of the cooperative loan, reduce the interest amount and increase the repayment period for a period 25 years, which will help implement projects and reduce burdens on cooperative members. On the status of the stalled projects of the holiday societies, the Director of Housing Cooperation stated that these associations were given a period of three months to complete their documents in preparation for dealing with them with the concerned authorities, and this period ended in the middle of this month, and every holiday association that has not completed its documents will apply to it the provisions of Legislative Decree 99 of 2011.

by Farah alammar

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by Amani Sharaa