Jeddah real estate market ‘booming’

The real estate market in Jeddah is booming thanks to Saudi government’s recent SR500 billion ($133.3 billion) financial stimulus package and massive public sector infrastructure investments, according to property expert Jones Lang LaSalle (JLL).

Opportunities are abounding in Jeddah’s residential sector as the market is expected to continuously experience rent and sale price appreciation, the JLL said in its latest ‘Jeddah City Profile – June 2011.’

An additional 25 million sq m of land offered by the Jeddah Municipality for future largescale residential developments will encourage market activity by mitigating one of the key barriers to development: the high cost of land, the report added.

Expanding the supply of land available for development can help address inventory and affordability issues to meet the growing housing demand from both the local and expatriate population, the JLL stated.

Source: Trade Arabia