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(Reuters). Over the next 12 months, we expect the office market in Dammam to remain under pressure. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 0000003237 00000 n Change in Prices of Apartments, Villas in Q2 2021. Conducts valuation of commercial offices, retail, residential, industrial and hospitality assets in accordance with the Royal Institution of Chartered Surveyors Valuation Professional Standards, incorporating International Valuation Standards, as well as applicable local standards. Jeddah's housing stock is expected to grow by 35,000 units, while 20,000 residential units will be added in Dammam by the end of 2023. This is a key trend which will further support the realization of Vision 2030., Saudi Arabia ranked among top counties in providing govt services: GovTech report, UAE tops Arab world in future readiness: Index, Saudi Arabias Capital Markets Authority authorizes Natixis as underwriter, arranger. The relative outperformance of Grade A offices can be attributed to a marked increase in the number of licenses granted to foreign investors wishing to set up businesses in the Kingdom. The industrial markets too are expanding at an unprecedented rate as requirements outstrip demand in many locations, he added. Jeddah's office market performance remained relatively subdued in Q2 2021, with Grade A rents falling marginally by 0.8%. 80 0 obj uFw Learn how this new reality is coming together and what it will mean for you and your industry. hb```b``d`e`gf@ a6 daw1AgRd|DO,lZqK3f):.U7g6%ty The survey is intended to identify the impact of COVID-19, and provide a periodic barometer of market sentiment to our clients and businesses. Now Kids Are Getting It, Too, Russian Gas Pivot Toward China Will Ease Europes Energy Crunch. Selling prices of apartments and villas in Riyadh increased by 7.6% and 4.7% YoY, respectively, in Q2 2021. The momentum injected into the national property market is best reflected in the fact that at over 150,000, the number of residential mortgages issued in H1 2021 is more than 10-times the level registered in H1 2016, Head of Middle East Research at Knight Frank Faisal Durrani said. Rental performance in Dammam continued to soften, with Grade A and Grade B rents declining by 1.7% and 2.7% YoY, respectively, in the same period. endobj You consent to our cookies if you use this website, Sorry: the validity period has ended to comment on this news. 0000028847 00000 n For more information, please read our Privacy Policy, A picture taken on March 16, 2021, shows a view of the King Abdullah Financial District (KAFD) in the Saudi capital Riyadh. 0000000016 00000 n 2022. Opinions expressed in the comments section do not reflect the views of Argaam. Rents and occupancy rates are likely to soften further as supply outstrips demand, according to Knight Frank. 100 0 obj A collection of Butterfly Effect stories highlighting how our Deloitte professionals are positively impacting the lives of women and girls around the world. <. Deloittes Middle East real estate industry group and its member firm practices are recognized for bringing together teams with diverse experience and knowledge to provide customized solutions for clients across the full spectrum of the real estate community. 0000028065 00000 n 0000300698 00000 n Office Market Performance in Q2 2021 (mln sqm). 0000003613 00000 n We use cookies to improve your experience on our site and to Efforts by the Saudi government to reshape the economic landscape of the country are underway and have been driving a sharp upturn in business activity, a statement released by the firm said, with figures showing that the first quarter of 2021 saw the highest-ever number of new foreign business investment licenses being issued. p Assist with the provision of market due diligence, financial feasibility assessments, highest and best use analysis, investment strategies and advice for real estate developments and related infrastructure. In the national office markets, headline rents were clearly impacted by the pandemic, but rates for the best offices in Riyadh have recovered to pre-pandemic levels and demand is growing rapidly. Residential Units to Be Complete by 2023-End. Riyadh's office market continues to experience fragmented performance. The Crypto Collapse Has Flooded the Market With Rolex and Patek, Shock July Stock Rally Was a Monster the Fed May Regret Seeing, Chinese Space Rocket DebrisCrashes Back to Earth Over Ocean, Monkeypox is Spreading Fast. 0000003383 00000 n Further, retail stock is expected to rise by almost 30% YoY to 2.7 million sqm in Jeddah. Join us for a celebration of 175 years of making an impact that matters. 79 0 obj show you personalized advertising. Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. The global property consultants firm expected 100,000 homes to be ready in Riyadh by the end of 2023, taking the total housing stock in the capital to 1.4 million units. Monkeypox Outbreak May Boost the Shares of These Companies, Telecom Italias Head of Network Is Said to Plan on Resigning, Bidens Covid Rebound Case Keeps Him at the White House Again, Boris and Carrie Johnson Host Wedding Party at Tory Donor's Cotswolds Estate, Crypto Newbies Have Family and Friends to Thank for Losses, Asia Has New Richest Woman as Property Crisis Reshapes Fortunes, Trumps Pro Golf Event Is a Mixed Bag of Big Money and Few Fans, Liverpool Beats Manchester United to WinCommunity Shield, Putin, Nukes andKeeping theWest Strong for Ukraine, Trump and His Allies Are In Control of the GOP, Giant Sequoias Are Built to Withstand Fire, But Not These Fires, The Indian Governments Fight Against Fake NewsTargets Political Dissent, Jazzercise Is Alive and Kicking Decades After It Got Started, US Banks Passed the Latest Stress Test, But Are Still Unhappy, Belfast Pride Returns to City Streets for First Time in Three Years, Florida Tells Schools to Disregard Bidens LGBTQ Protections, UAW Head Says Battery-Worker Pay Must Match Assembly Wages, Wildfires in West Explode in Size Amid Hot, Windy Conditions, Report: 7 Iraqi Tourists Killed By Floods in Northeast Iran, Think Your Street Needs a Redesign? xref Apartment prices in Saudi Arabia increased at the fastest pace in five years, spurred by a government plan to boost home ownership by building affordable housing and offering cheap loans. This survey report is the first in its series and is based on data drawn from an online survey of sector professionals across the region. {()-EUt b@q%F55L&0mcu A06 5K+016p`pt`k`(aM`t`8 7{ Total number of homes sold surged by 77% YoY, while the total value of transactions grew by 34% YoY over the same period. Total office space is expected to reach 5.3 million square meter (sqm) by the end of 2023. We are beginning to see increased appetite from private sector real estate developers in the form of public-private-partnership initiatives with large scale government led projects. By 2023, total hotel supply is due to increase by 27% YoY, or 4,800 rooms in Riyadh, and by 64% and 18% YoY to 20,600 and 13,800 rooms in Jeddah and Dammam, respectively. <> Meanwhile, Grade B rents experienced a 1.1% decline YoY in Q2 2021. Average apartment prices in Dammam increased by 4.6% YoY in Q2 2021, while average villa prices fell by 4.1% YoY. uldzYyoXvRVs}3^](I)4,-`"A 0000014998 00000 n Next Big Risk asks three titans of the financial industry what they see coming in the next 5 to 10 years. By 2023, this figure is expected to reach 1.6 million sqm. Argaam.com Copyright 2022, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. Performance across Saudi Arabias various real estate asset classesremainedmixed in the second quarter of 2021, with the residential market continuing to outperform, Knight Frank said in its latest quarterly Saudi Arabia Real Estate Market Review. The market demand is expected to maintain uptrend as government-driven economic reforms spur renewed confidence and hasten business growth. %%EOF In Riyadh, average regional and super-regional mall lease rates declined 1% YoY to SAR 2,670/sqm in Q2 2021. Know more about our Privacy Policy here. Meanwhile, average occupancy in Dammam remained relatively stable at 50%, while ADR grew YoY by 8.3%. Abusive comments of any kind will be removed. See Terms of Use for more information. The Evolution of Real Estate Valuation in the Kingdom of Saudi Arabia. For the latest headlines, follow our Google News channel online or via the app. <>stream 0 endobj startxref The kingdom is aiming tolift home ownership to 70% in 2030. endstream Will Restaurant Week Be the Ticket? Residential transactions, in terms of volume and value, rose by 44% and 13% YoY, respectively, in the second quarter, driven by a notable increase in the uptake of mortgages provided by banks and financial institutions. 0000002856 00000 n 0000000756 00000 n Saudi Arabias Capital Markets Authority has approved Natixis Saudi Arabias request to change its business profile in the kingdom, allowing it to Saudi Arabia ranked among the first group of the highest pioneering and innovative countries in the areas of providing government services and Saudi Arabias Minister of Foreign Affairs Prince Faisal bin Farhan met Indias Prime Minister Narendra Modi during his official visit to New Delhi, Saudi Arabia is concerned over Irans lack of transparency in regards to its nuclear program, the Kingdoms Minister of Energy Prince Abdulaziz bin Congress calls on EU to designate Hezbollah in its entirety as a terrorist group, UKs Rishi Sunak and Liz Truss: An overview of the final two candidates for PM, UAE doctors hail EUs approval of monkeypox vaccine, urge caution, US approves new funds to help Lebanons ailing security agencies, Saudi Arabia, France issue joint statement following Crown Princes visit to Paris, Saudi Crown Prince, Macron to work to ease effects of Ukraine war: Statement, Khota: The Lighthouses of Aad - Episode 22. 0000024462 00000 n 0000012350 00000 n This publication explores recent developments in the mortgage registration guidelines, incentives for home loan companies and applicants, as well as government measures designed to shape the new phase of development in the Saudi mortgage market. In Jeddah, occupancy rates increased to 21%, while RevPAR grew by a substantive 60% to SAR 352. DTTL and each of its member firms are legally separate and independent entities. In Dammam, total retail stock currently stands at about 1.2 million sqm. Knight Frank forecast nearly 700,000 sqm of retail space to be complete in Riyadh by 2023.

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