Dar Al Arkan’s Kelvin Kwok believes more work needs to be done to make homes affordable. As the Saudi property market adjusts to conflicting dynamics of substantial government stimulus and regulatory reform at the same time that demand is dampened due to departing expatriates, the chief executive of the kingdom’s largest listed real estate developer has said that he expects the market to return to growth.
Yet Kelvin Kwok, the new CEO of Dar Al Arkan Real Estate Development Co, also said that providing financing for the average citizen is crucial to reviving the Saudi real estate market and remains cautious of international investments.
“With the support of government initiatives and a bounce in the fundamental levels of economic activity driven by the improved oil prices and Saudi employment levels, we expect the market to return to growth,” he told Zawya in an interview conducted via email.
“From our perspective, we would like to see more work being done on affordability and mortgage provision,” Kwok added.
