Real estate firm Knight Frank has expanded its footprint in the Middle East with the opening of a new office in Riyadh, Saudi Arabia (pictured).
In a statement, the company said that with strong fundamentals, increasing urbanisation and a healthy non-oil sector, Saudi Arabia is the largest market in the GCC (Gulf Cooperation Council) in terms of both GDP and population. This in turn has led to increasing demand for real estate across most sectors, from residential to hospitality.
As the population continues to grow and the government looks to implement reforms in the real estate sector, Knight Frank anticipates continued interest in the kingdom from overseas investors.
This, it said, is borne out by the number of international clients searching for high-quality office space, while regional investors focus on residential real estate investment.
Stefan Burch, General Manager of Knight Frank Saudi Arabia, said: “We expect demand for real estate in the kingdom to continue to grow in the short to medium term.
“With widespread reforms, such as foreign ownership of shares on the stock market and the government’s drive for greater transparency in the real estate sector, Saudi Arabia looks set to benefit from additional capital inflows, despite headwinds from lower oil prices.”
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
