Survey: Saudi realty market to grow 10%

27 May 2010

(MENAFN) A survey conducted by Jones Lang LaSalle found that investors expect a 10 percent gain in Saudi Arabia?s real estate market over the next 12 months, far exceeding expectations in other Middle East markets, Arab News reported.

Jones Lang LaSalle?s recent Investor Sentiment Survey revealed investors expect Saudi Arabia to have the strongest performing real estate market in MENA (Middle East and North Africa) over the next 12-24 months.

Forty percent of respondents already believe the Kingdom?s real estate market has already stared to recover. An additional 40 percent of respondents expect the market to recover by the end of the year.

The report also showed that investors are looking at opportunities in the Kingdom away from the traditional cities of Riyadh and Jeddah and toward the Eastern Province – which is currently receiving renewed interest in integrated mixed use developments along the coast – and the Holy cities of Makkah and Madinah.

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