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The residential market in Riyadh continued to witness growth in rental rates over the third quarter, while the sales market remained under downward pressure due the lack of affordability resulting from the mortgage legislation introduced last year. The office sector saw little activity as the two large commercial mega-projects (ITCC & KAFD) continue to face delays, with neither project now expected to release any additional supply before 2016. The retail market also remained fairly stable with no growth in rentals recorded in Q3. The opening of the retail market to foreign investment is likely to boost future demand for retail space, as foreign retailers will now be allowed to own 100% of their business. The hotel sector has seen occupancy rates remain relatively flat, while ADRs registered a 3% annual improvement in the YT August, on the back of limited new supply.
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05 October 2015