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Conditions in the prime residential and retail markets continue to improve for owners / investors, while the office market has moved in tenants favour during the final quarter of 2012. The market has seen the completion of significant levels of new office supply in 2012 (including GOSI’s Granada Business Park), the majority of which was pre-leased to government related parties. The major influence on market conditions in 2013 will be the completion of the first phase of the King Abdullah Financial District, with the first eight towers currently available for lease ahead of their scheduled completion in the summer.
In addition to reviewing market conditions at the end of 2012, this report also look ahead at the trends likely to influence the Riyadh real estate market during 2013. Among the major influences we expect in 2013 is an increased awareness of the benefits of introducing more sustainability initiatives and higher quality property management practices as new developments in the Kingdom become more complex.
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05 March 2013