| 30 Aug 2010 |
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Saudi capital's retail space to reach 2.9 million sqm by 2014 as part of 'New Riyadh' vision
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Inaugural Cityscape Riyadh to highlight rapid growth of Riyadh's real estate sector
Retail space in the city of Riyadh is expected to grow from the current 2.3 million sqm to 2.9 million sqm by 2014 to complement the development of new suburban districts and support the emergence of a 'New Riyadh.' The office market is also on the rise, with over 1 million square feet of new office space set to be introduced by 2015.
Housing remains Riyadh's main property segment though, with total local inventory currently estimated at 900,000 units and prices expected to increase by around 5 to 10 per cent over the next two years. Apartment rates throughout the city are up by around 6 per cent over the second half of 2009, while villas are fetching prices around 3.9 per cent higher.
These and other key industry trends will be highlighted during Cityscape Riyadh 2010, the first-ever local edition of the Kingdom of Saudi Arabia's premier real estate investment and development event, taking place from December 12 to 14, 2010 at the Four Seasons Hotel in Riyadh. Highlights of the three-day event include the Cityscape Riyadh Exhibition and Investor Round Tables (December 12 to 14), the Cityscape Riyadh Conference (December 12 to 13), and the Cityscape Riyadh Leaders in Real Estate Gala Dinner (December 12).
"Retail property sales in Riyadh are being driven up by improving consumer confidence. Year-on-year point-of-sale transactions were up 22 per cent in April 2010 and the Kingdom's robust economy will help sustain this trend within the next few years. Cityscape Riyadh 2010 will give us a clearer picture of where the opportunities are and what strategies developers and investors should take as Riyadh overhauls its local infrastructure," said Deep Marwaha, Director of Cityscape Riyadh.
Over 50 domestic and international real estate firms are expected to exhibit at Cityscape Riyadh 2010 and tap the extensive market reach of the Cityscape network, which comprises more than 350,000 global investors and real estate professionals.
Cityscape Riyadh 2010 follows the huge success of Cityscape Jeddah 2010 which welcomed more than 9,500 participants. The Riyadh show will meet the huge demand for a real estate platform serving the Kingdom's Central Provinces, and with four months more to go, it has already booked almost 70 per cent of its exhibition space.
Emaar Middle East has confirmed its participation at Cityscape Riyadh 2010 as Principal Sponsor. The Asian Public Real Estate Association (APREA), the leading professional body of real estate practitioners in Asia, has also signed up for the event.
Cityscape's portfolio of exhibitions, conferences and seminars brings together international investors, developers, government and investment authorities, leading architects, designers, consultants and all senior professionals involved in the design and construction of real estate. For more information, visit www. http://www.cityscaperiyadh.com.
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