By AB.com staff
Retail, office space set to expand while house prices to grow 5-10% in two years.
Retail space in the Saudi Arabian capital is expected to increase from the current 2.3 million sq m to 2.9 million sq m by 2014, according to real estate experts Cityscape.
The city’s office market is also forecast to see strong growth with more than 1 million sq ft of new space set to come on stream by 2015, a statement released on Monday announcing the first Cityscape Riyadh event later this year.
The company predicted house prices will increase by between five to 10 percent over the next two years.
“Apartment rates throughout the city are up by around 6 per cent over the second half of 2009, while villas are fetching prices around 3.9 per cent higher,” the statement said.
"Retail property sales in Riyadh are being driven up by improving consumer confidence. Year-on-year point-of-sale transactions were up 22 percent in April 2010 and the kingdom's robust economy will help sustain this trend within the next few years," said Deep Marwaha, director of Cityscape Riyadh.
Cityscape Riyadh 2010 is the first local edition of the real estate investment and development event, and is taking place from December 12 to 14, 2010 at the Four Seasons Hotel in Riyadh.