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Riyadh Real Estate Market Overview - Q3 2011

Q3 2011 Highlights:

  • Demand is strong in the Riyadh office market, from the government, the multinational sector and also from Saudi conglomerates and contractors.  Vacancy levels remained generally stable in Q3, with city-wide and CBD vacancies at 12% and 16% respectively;

  • Increasing consumer spending continues to support the retail market. The level of new supply is however growing, with a number of  showroom and community malls making the market more competitive;

  • Residential rents and sale prices on new units are increasing and should continue to do so into 2012. The current housing stock stands at 876,000 units with another 132,000 additional units expected to be added from now through to the end of 2015;

  • The Riyadh hotel market has reported improved trading results Y-o-Y over 2011. Apart from the Ritz Carlton, most of the new supply delivered during 2011 falls within the budget category. A large pipeline of 4 and 5-star hotels will be delivered in central and suburban locations in 2012-2013.

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