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FINANCIAL NEWS
Riyadh’s real estate sector to record high growth
09 Jun 2011
(MENAFN) Jones Lang LaSalle Saudi Arabia real estate investment and advisory firm Co-Head, John Harris, stated that the company’s estimates put Riyadh’s real estate market at high growth levels as demand was expected to hike due to rising oil prices as well as GDP growth, reported Saudi Gazette.
Harris also said that the most active sector of Riyadh’s real estate business was land trade. He pointed out that Q1 land prices increased due to rising trading volumes.
The Co-Head added that the Saudi government’s recent stimulus package would help by investing public capital into private sector projects and thus further help the real estate sector’s growth.
It is worth noting that the Kingdom’s 5.7 percent real GDP started enhancing the capital city immediately as it stimulated new road systems, universities, communities and public and business parks to the east and north of Riyadh.
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