Introducing measures to increase tourism, pilgrimage, investment and local entertainment options have boded well for Jeddah’s real estate market. This, according to JLL’s Real Estate Market Overview.
“The Kingdom’s commitment to increasing tourism, pilgrimage, investment and local entertainment options is reflected across the retail sector, which has seen an upward growth in sales transactions in Jeddah during July,” said JLL’s National Director and Country Head for KSA, Eng. Ibrahim Albuloushi.
“Increased spending can be attributed to the reinstatement of benefits to public sector wages earlier this year, bolstering spending power during the summer holidays. We also believe this move will prove to be encouraging for retailers to expand, and take over more retail space,” he added in a press statement.
Looking at the residential market, the sector saw a completion in the lifestyle segment in Q3 and similar developments are in the pipeline. “Looking ahead, residential communities and lifestyle developments are likely to make up a larger share of upcoming supply,” said JLL.