Real estate investment and advisory firm Jones Lang LaSalle (JLL) assesses the latest trends in Riyadh’s office, residential, retail, and hotels segments in Q2 of 2017, Invest-Gate report.
Riyadh’s real estate market continues to “soften” in Q2 of 2017, with further declines seen in performance across all sectors, according to the Riyadh Real Estate Market Report for Q2 of 2017.
The office sector witnessed completions of some projects, including Elegance tower and Ghirnata Square, bringing the total office space up to 3.8 mn square meters.
The residential sector witnessed a slight decline in both rentals and sale prices during this period, yet the Ministry of Housing cooperated with six developers to raise the supply in order to meet the growing demand for affordable housing.
The hotel sector saw no major openings, but the pipeline for the second half of the year is still strong, with scheduled openings including the Crowne Plaza ITCC, Centro Waha and the Fraser Suites.