The property market is booming across Saudi Arabia. However, the market is seeing a much larger boom in Jeddah than in Riyadh. Some even consider the Jeddah market for real estate to be in bubbly condition. Could this be the case?
There’s a strong argument supporting it, and we might see the kingdom tower to be the catalyst for its demise. The market has been on hold for quite some time now, with most offices complaining that there isn’t much demand while supply remains steady with an ever increasing number of projects coming up.
Either way, the market is driven mostly for investment purposes rather than residential purposes which is also another indication that we might see a drop in prices in the near future.
In comparison, Villas and Apartments in Riyadh are still relatively reasonable when compared to income growth. The city expansion also supports the real estate market (riyadh is expanding in all directions).