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Jeddah Real Estate Market Overview - Q3 2011

Q3 2011 Highlights:

  • Jeddah residential market gained momentum with a robust upward trend as average prices and rentals continued to increase across the city;

  • Retail centres continued to benefit from high occupancy rates and the majority of the new supply has already been preleased. Retail sales  have increased by more than 30% during the last eight months which demonstrates strong consumer spending;

  • Although there has been a reduction in Jeddah's CBD vacancy in Q3, office rents are likely to decrease in 2012 once additional supply is released to the market. The expected CBD supply pipeline will provide approximately 60,000 sq m GLA of additional space to the current stock of 445,000 sq m by the end of 2012;

  • The first three quarters of 2011 showed a marked improvement in hotel occupancies with rates increasing 5% year-on-year. Growth in business travel is expected to fuel hotel demand in the city.

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