RIYADH: Riyadh’s property market has gained greater firmness than other cities in the kingdom as per the top property broker.
While Riyadh has witnessed relative firmness in costs levels, there has been a drop in Makkah and Dammam due to the absence of demand, Dana Salbak, head of research at JLL, told Al Arabiya on Sunday.
Salbak added that the standpoint for the area stayed positive this year, regardless of the vulnerability brought about by the Covid pandemic, given government uphold for the land business under the Kingdom’s Vision 2030.
The office sector stayed under pressure as more people work from home which has caused demand for new leases.
In 2021, 450,000 square meters of office space is expected to be provided in the capital as per the JLL estimates.
The residential sector carries on to be supported by strong loan demand in the Kingdom.