KSA apartment building to increase

The number of furnished apartments in Saudi Arabia is likely to increase due to a fall in prices of basic construction materials and slowdown of developments, Jeddah chamber officials said.

There are currently about 7000 furnished apartments in Jeddah.

During the Eid-Al-Adha holidays, there was a significant demand for furnished flats in Jeddah. In most of the furnished apartment buildings, 100% occupancy was reported during the holidays.

According to Abdullah bin Sa'ad Al Ahmari, vice chairman of the Jeddah Chamber of Commerce and Industry's real estate committee, this demand resulted in increased apartment rents with a large apartment renting for US $66 (SAR250) to $106 (SAR400) a day, while the same apartment rented for $32 to $40 a day during the off-season.

Holidays in general provide opportunities for furnished apartment owners, resorts and hotels to profit.

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