Report: Jeddah house prices set to bounce back

06 Jun 2010

(MENAFN) A report issued by Jones Lang LaSalle showed that house prices and rents in Jeddah are seen rising after two years due to a reduction in supply , while office space supply is set to increase, Reuters reported.

Jeddah, Saudi Arabia’s second largest city, will need 30,000 new homes a year for the next few years, the property management firm said in its report.

Planning permission and building permits for housing are more difficult to obtain after flash floods swept through parts of Jeddah last year, damaging thousands of homes, Jones Lang LaSalle said.

Around 67,000 square meters of office space is expected in 2010 due to the completion of a number of new projects by the end of the year, in line with 2009 figures the report said.

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