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KSA, 5 April 2015 – JLL, the world's leading real estate investment and advisory firm, today has released its first quarter (Q1 2015) Jeddah Real Estate Overview report that assess the latest trends in the office, residential, retail and hotel sectors.
Mr Jamil Ghaznawi, National Director and Country Head of JLL KSA, commented: "In the first quarter, the Jeddah real estate market experienced upward growth, but most asset classes are currently near their peak and are expected to remain stable or slow down over the next six months. With a proposed tax on undeveloped land in urban areas representing one of the first major economic policy initiatives since King Salman took the throne in January, we anticipate this policy could help ease the current shortage of affordable homes and spur economic growth. Presently in the residential sector, apartments have generally performed better than villas, due to their affordability, and rentals are poised for continued growth, as a result of the new mortgage regulations."
He added: "With substantial new office and hotel space expected to enter the market, these sectors are expected to reach their peak later in 2015. The retail market will see less new supply this year and could therefore witness further growth before topping out in 2016."
Sector summary highlights – Jeddah:
Jeddah prime rental clock
This diagram illustrates where JLL estimates each prime market is within its individual rental cycle as at the end of the relevant quarter.
*Hotel clock reflects the movement of RevPAR.
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