new initiatives to support saudi real estate sector
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

New initiatives to support Saudi real estate sector

Arab Today, arab today

Arab Today, arab today New initiatives to support Saudi real estate sector

Saudi real estate sector
JEDDAH - Arab Today

About 4,000 new residential units entered the Riyadh property market in the fourth quarter of 2016 and a further 25,000 units are expected to be built this year, according to report from JLL.
JLL is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.
The government took several initiatives to work with the private sector in 2016 in an effort to increase housing supply in Saudi Arabia, the real estate consultancy said in its report — “2016 Year in Review.”
“The government’s major plans to energize the real estate market have resulted in a more positive outlook for 2017 in line with measures to counteract reduced government and consumer spending,” said Jamil Ghaznawi, country head of JLL, Saudi Arabia
 In an effort to diversify the economy and open the real estate market to smaller investors, the Capital Market Authority introduced new rules in 2016 allowing the formation of the Real Estate Investment Traded Funds (REITs) on the local stock exchange.
 “The market is optimistic that by introducing REITs, the National Transformation Program’s (NTP) goal to increase real estate contribution to GDP from 5 percent to 10 percent annually will be achieved in addition to creating more transparency in the market,” he said.
 “In addition, these funds could help provide an exit strategy for those developers seeking to create income producing assets rather than developments for sale” commented Jamil Ghaznawi.  
The report also highlights 2016 as an active year for white land tax and home financing which both have implications for the real estate market in 2017 as the changes start to come into effect. 
It said year-on-year rental values for villas and apartments in the Saudi capital fell by 4 percent during the past 12 months, but added that residential performances remained relatively stable in Q4.
In Jeddah, although there were limited notable completions in 2016, the projects which did complete were part of a growing concept of quality lifestyle developments, JLL said.
Around 4,000 units were added to the Riyadh market over the last quarter, with the first half of 2017 expected to see a number of developments enter the market which were delayed from 2016, it added.

Source :Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new initiatives to support saudi real estate sector new initiatives to support saudi real estate sector

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new initiatives to support saudi real estate sector new initiatives to support saudi real estate sector

 



GMT 15:36 2017 Monday ,09 January

Major EU-GCC meeting in Riyadh today

GMT 17:19 2016 Thursday ,22 December

KFMC surgeons remove 28 kg tumor from woman’s uterus

GMT 17:33 2017 Wednesday ,16 August

Damac reports decline in property development sales

GMT 09:16 2018 Monday ,01 January

Seoul leaning towards military measures

GMT 01:05 2017 Wednesday ,20 December

No guarantees on French-German initiative on Ukraine

GMT 21:00 2017 Sunday ,17 September

Saif bin Zayed approves adoption of 'Emirati Reader'

GMT 02:10 2017 Thursday ,05 January

Bahrain Stock Index Drops 3.47 Points

GMT 02:05 2017 Thursday ,28 September

July24th-August23rd

GMT 04:17 2017 Saturday ,11 November

Laulala out to prove All Blacks worth against France

GMT 02:42 2017 Friday ,14 July

NATO Tripoli strike kills civilians

GMT 05:47 2017 Wednesday ,18 January

Mohamed bin Zayed attends opening of ADSW 2017
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday