JLL: Top Trends for Saudi Arabian Real Estate in 2011
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The road to home finance has been a long one for the Kingdom, but with its highly anticipated mortgage law edging ever closer to ratification, would-be homeowners and financial institutions are gearing up for a new era of opportunity.
With the announcement this year of a US$66.7 billion initiative to address the demand-supply imbalance in the Kingdom’s housing market, social infrastructure spend is topping the Government agenda as it focuses on building affordable homes for the future.
The South-East Asian island has seen a number of distinctive developments come to fruition over the past few years as the country further establishes itself.
Jones Lang LaSalle unveils its inaugural "Top Trends for Saudi Arabia," outlining key predictions for the Kingdom’s real estate market in 2011.
The Kingdom’s relative stability, combined with the strong long term fundamentals as well as the consistent support of the government and related entities, solidifies its role as a strategic commercial location in the region.
The massive stimulus package has major implications for the real estate market. The recently announced stimulus package virtually doubled the largest ever government budget to over SAR 1 trillion. The implementation of the initiatives will provide significant support to the real estate sector on both supply and demand sides.
Government leadership provides opportunities for private sector. While the government is taking the lead in many of the major initiatives (such as the provision of an additional 500,000 affordable residential units), effective implementation will necessitate partnerships with the private sector.
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