World Economy

Saudi Real Estate Slowdown Continues

Saudi  Real Estate Slowdown ContinuesSaudi  Real Estate Slowdown Continues

The real estate markets in the Saudi cities of Riyadh and Jeddah continue to maintain an overall slowdown in performance, according to a JLL report, TradeArabia reported. JLL, a leading global real estate investment and advisory firm, released its Q2 2016 Riyadh and Jeddah real estate report on Wednesday assessing the latest trends in the office, residential, retail and hotel sectors. Jamil Ghaznawi, country head of JLL Saudi Arabia, said: “We have witnessed a general softening of the residential market this quarter, with a marginal decline in rentals in Riyadh and sale prices in Jeddah. Further delays have been experienced in the completion of projects in Jeddah, despite increased efforts being made to address the shortage of affordable housing.” Riyadh is braced for an increase of housing supply, bringing the total stock of residential units to over one million; whereas in Jeddah, supply remains stagnant in comparison to last quarter’s findings, Ghaznawi said.