Saudi Arabia Real Estate Report Q4 2014 - New Market Report

The Saudi Arabia n commercial real estate sector is enjoying a growing status as a destination for international investment. The government continues to spearhead development of the property market through the economic cities programme and a number of other large-scale initiatives. While the we expect strong growth in the market over coming quarters, oversuppl y is an ongoing concern .

The commercial property market is expected to enjoy consistent growth over the medium term as the government looks to prioritise the development of the real estate sector, which remains largely under-developed in comparison to some other Middle Eastern states. While Saudi Arabia's main concern continues to be a shortage of available housing, the government has also focused on the development of new financial and industrial centres under the 'economic cities' programme, which is designed to provide economic diversification and supporting the development of the non-oil economy.

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Weaning the country off its dependence on hydrocarbons exports should ultimately prove beneficial in terms of growth of new industries such as financial services and petrochemicals production. Indeed, forecast long-term demand for commercial and industrial space has started to attract increased interest from foreign developers and investors. H114 saw several international firms, including the China-based Shenhua Group and China Communications Construction Company and India-based Kalliyath Steel, agree to collaborate with Gammon Group to build a new industrial city in Jazan.

The outlook for commercial rental rates and net yields over 2015 is therefore generally favourable across much of the market. However, heavy oversupply in some areas of the country, such as the capital, Riyadh, will remain a key concern for landlords, particularly with a strong pipeline of development activity anticipated over the coming months.

Recent Developments

* In August the Ministry of Housing made...

The Saudi Arabia Real Estate Report features Business Monitor International (BMI)'s market assessment and independent forecasts of major construction projects in the residential and commercial markets, plus rental prices and yields in major cities. The report critically analyses the prospects for real estate within the broader economic and financial context - both domestic and global - via our econometrically-modelled and clearly explained banking and economic forecasts and follows this through to evaluate the implications for REITs.

BMI's Saudi Arabia Real Estate Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the real estate industry in Saudi Arabia.

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