Riyadh property market fares better than Makkah and Dammam says JLL broker

Demand for residential properties in Saudi Arabia remained buoyant in 2020

Birds eye view of the skyline of Riyadh, Saudi Arabia.

Birds eye view of the skyline of Riyadh, Saudi Arabia.

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RIYADH: Riyadh's property market has enjoyed greater stability than other cities in the Kingdom according to a top property broker.

While Riyadh has seen relative stability in price levels, there has been a slowdown in Makkah and Dammam due to lack of demand, Dana Salbak, head of research at JLL, told Al Arabiya on Sunday.

Salbak added that the outlook for the sector remained positive this year, despite the uncertainty caused by the coronavirus pandemic, given government support for the real estate industry under the Kingdom’s Vision 2030.

The office sector remains under pressure as more people work from home which has impacted demand for new leases.

During 2021, 450,000 square meters of office space is expected to be delivered in the capital according to JLL estimates.

The residential sector continues to be supported by strong mortgage demand in the Kingdom.

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