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FINANCIAL NEWS
Jeddah 2011 residential rents up by 14%
15 Nov 2011
(MENAFN) Jones Lang LaSalle, the real estate consultants, said that since the start of 2011, Jeddah residential rents rose by an average 14 percent, reported Arabian Business.
The firm added that most of the 16,000 units coming to the market over the rest of the current year have already been sold, on the other hand, during the third quarter, the city’s residential sector expanded notably driven by King Abdullah’s package announced early this year which included additional funding for the affordable housing sector.
It also said that over the coming few years, government entities including PPA and JDRUC would hand over more than 30,000 additional residential units across the city.
It is worth noting that limited future supply pipeline and the city’s growing population will be forecasted to boost prices and preserve strong demand throughout the rest of 2011 and into the next year.
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