Date: 15/7/04
www.themuslimweekly.com A Saudi Arabian property company is offering British Muslims the chance to buy timeshare flats in Tower blocks next to Islam’s holiest sites.
The four tower block developments, which are currently under construction, are part of the Manazel al-Haramain Programme and have been approved by Shari’ah law.
Essam Awadh, chief executive and managing director of the Manazel al-Haramain Company said that people could purchase a flat for seven days a year for 20 years. Prices for the luxury, fully furnished properties will range according to size and the time of the year. (Muslim lunar calendar)
Mr Awadh has introduced the concept of "space share" because of huge demand from Muslims around the world. Property prices in the holy cities of Mecca and Medina are at an all time high, reaching 50,000 a square metre around the Holy sites. But studies have shown that property owners use their homes for short periods in a year, whilst the majority of visitors do not stay longer that a week.
Prices for the new apartments range from 9,000 to 250,000 Saudi riyals (Ă‚ÂŁ1,300-Ă‚ÂŁ36,000) for a 20-year lease. The rate depends on the proximity to the holy sites and the time of the year. The high season includes the month of Ramadan and the week of the Haj |