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FINANCIAL NEWS
Jones Lang LaSalle sees rents hike expected in Riyadh
20 Dec 2011
(MENAFN) A report, issued by Jones Lang LaSalle, expected Riyadh office spaces rents to hike on business demand, Arabian Business reported.
The property consultant said that developments, specially Riyadh Business Gate, the ITC Complex and the King Abdullah Financial District, are attracting business tenants to the capital, lowering vacancy rates in the Central Business District to just 16 percent.
The report also showed that home property prices in Saudi Arabia are also rising, a trend likely to continue into the new year, as average villa prices across the capital rose four percent in the third quarter year-on-year.
The company expected Riyadh to add more than 2,000 compound units to the existing stock.
Residents are expected to be subjected to new real estate laws, with the practice of owners’ associations and service charges being tested on two pilot projects, expected the report.
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