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

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

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. DUBAI: The Dubai International Financial Center (DIFC) Courts saw a 41 percent rise in the number of cases it handled last year, with its technology and construction sector recording a 233 percent surge in disputes, it was announced on Monday. Established in 2004 and based on the English-language common law system, the courts' jurisdiction was expanded in 2011