Saudi real estate market set for strong growth

GROWTH FORECAST: Colliers said Saudi's real estate market is set for strong growth in the coming years. (AFP)

Strong growth in Saudi Arabia’s real estate market is expected across all sectors in the coming years, fueled by high oil prices and the kingdom's boombing economy, Colliers International said in a report published on Tuesday.

The real estate consultancy said in a report on the Saudi market that it offers “growth potential across all industry sectors and an encouraging outlook for the future”.

Colliers said “opportunities in the kingdom are being fuelled by strong demographic and economic drivers, a general lack of supply... coupled by the government’s determination to diversify the economy and promote investment leads”.

The report covers Riyadh, Jeddah, Mecca and the Eastern Province.  

Colliers said in Riyadh, the Saudi capital, annual demand for new residential units was 30,000 for the next 15 years, citing the Riyadh Development Authority.

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