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Jeddah Real Estate Market Overview - Q1 2012

Q1 Highlights:

  • Villa prices increased by 11% in the areas of Jeddah monitored by Jones Lang LaSalle during Q1-2012 to an average of SAR 4,600 per sq m with the western region of the city (closest to the Red Sea) remaining the prime location for villas.

  • Continued demand for new and high quality office space in Jeddah is reflected by the sale of the Eastern Tower in the upcoming Headquarters project on the Corniche (13,400 sq m) to the Savola Group for its new head office. The completion of additional projects is however likely to result in downward pressure on office rentals over the second half of 2012.

  • The Jeddah retail market is becoming more fragmented.  While rents for line stores in the best performing centres have increased to more than SAR 3,000 sq m, other centres are experiencing increased vacancies and reduced rentals as landlords seek to attract tenants.

  • Jeddah has been one of the strongest performing hotel markets in the GCC during 2012, with occupancies (79%), room rates (SAR 770) and RevPAR, all up over the year to April. This reflects the continued attraction of Jeddah as a leisure destination for Saudi families.

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