Riyadh’s residential market witnesses solid growth in 2019 – ZAWYA

Riyadh’s residential market witnesses solid growth in 2019 – ZAWYA

The residential sector in the Saudi capital Riyadh has witnessed significant activity levels in 2019, according to new data released by global real estate consultancy firm CBRE.. Residential mortgages for individuals in the kingdom recorded a growth rate of more than 250 per_cent in terms of the number of contracts signed from January to November 2019.. On the office sector, CBRE said co-working and flexible office working structures have continued to distrupt the global office markets, and in Riyadh too they are expected to reshape the office leasing market.. The unemployment rates are expected to continue to decline in the short-term, with a positive impact expected in terms of increased potential office demand, stated the property expert in its report.. Simon Townsend, Head of Strategic Advisory at CBRE Mena and Turkey and General Manager, CBRE Saudi Arabia, said: "The recent economic and social initiatives and legislation introduced by the Saudi government have already had an extremely positive impact on the country's real estate sector.". Overall, the country is making great leaps in its efforts to become a global business hub and world-class tourism destination, and the market is expected to continue to react positively to the efforts of the public