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While all sectors of the Jeddah market remain in the upturn stage of their cycle, hotels and retail appear closer to the peak than office and residential, where further rental growth may be experienced over the rest of 2015. ADR’s and occupancy rates of hotels have decreased moderately, although this may be partly due to seasonal factors with Ramadan impacting travel levels. The retail market has seen a slowdown of rental growth ahead of significant levels of new supply entering the market. Given there was limited new supply of office space that entered the market in the last quarter, occupancy and rental rates have remained healthy and are likely to continue to increase with limited levels of future supply. The performance of the residential market remains mixed, with apartments seeing continued rental growth while villa rents have declined.
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05 August 2015