KSA

THE

REAL ESTATE MARKET

2016: A Year In Review
 Macroeconomic Overview
Age of Austerity
2015 saw the first steps in government spending cuts which hinted
at more drastic measures to come. This paved the way for the
release of the structured plans of the Saudi Vision 2030 (Vision)
and National Transformation Program (NTP) in the first half of
2016. Both plans confirmed what many expected; in response to
the steep decline in oil prices the government would be making
substantial cuts in spending to reduce its fiscal deficit. One of the
major measures of the NTP is to cut the public sector wage bill, from
45% of government expenditure to 40%, by shrinking its workforce
by a fifth. Additionally, the government removed certain perks
and benefits from public sector employee pay, and announced in
September that minsters’ and members of the Shoura Councils’
pay would be cut by 20% and 15% respectively.
According to Oxford Economics, GDP grew at the much slower
rate of 1.6% in 2016 compared to 3.5% in 2015. On a positive
note, the raising of SAR 65.6 billion (USD 17.5 billion) through an
international sovereign bond sale, eased liquidity in the market.
The government released payments totaling (USD 10.6 billion)
to contractors and injected SAR 20 billion (USD 5.3 billion) into
the banking system in 2016. Further easements will depend on oil
price levels which also recently received positive news. During the
OPEC meeting in November, the group agreed to cut oil production
by 1.2 mbd. Following the announcement, oil prices are expected
to average USD 50 per barrel in 2017.
Government Government
Revenue Spending
(SAR/Billion) (SAR/Billion)
608 528 692 975 825
2015 2016 2017F 2015 2016
Source: KSA Ministry of Finance
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Weaker Spending Power
In addition to the cuts in public sector pay, household spending
power in Saudi weakened earlier this year when the government
announced it would no longer subsidize petrol and utilities.
According to the latest National Expenditure and Income Survey,
21% of household spending is on housing and utilities (water,
electricity, gas and other fuels), and 9% on transport. The
combined effect of the cut in subsidies, which saw oil prices
increase by 50%, and housing rents increase over 2015 and 2016,
will result in less spending allocated to luxuries such as high-end
retail brands, international travel, expensive furnishings and eating
out. Household spending will further weaken once redundancies
within the public sector are made.
The effect has already been noticeable in the pattern of household
spending. Saudi Electricity Company revealed that electricity
consumption reduced in 2016 for the first time in 15 years. Latest
data released by SAMA also shows that the value of point of
sales (POS) transactions increased marginally by 1% Y-o-Y in
October 2016, compared to October 2015, when the value of POS
transactions increased by 15% Y-o-Y. This indicates that although
spending is still increasing, consumers are being more selective
and choosing more affordable brands.
Fiscal
Balance
(SAR/Billion)
890 -367 -297 -198
2017F 2015 2016 2017F
 White Land Tax

As with the establishment of any new law, 2016 has been an active year for the White Land Tax. The tax was
introduced in Q4 2015 without much detail. Since then, the regulations were released in June 2016 and the six-
Timeline for White Land
month registration Tax for landowners, whose lands met the criteria, opened.
period
2016 2017

Announcement of Invoicing begins Last date to pay

regulations January2016 the tax
June 2016
1 year to pay the tax
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

6 months to 60 days 60 days to

Current Position
register land to file a receive a
complaint response
Source: Ministry of Housing

The regulations defined white lands as any idle lands designated for residential or residential / commercial use
White
withinLand
theTax
urban boundaries outlined by the Ministry of Housing (MoH). Apart from defining white lands, the
The
regulationsintroduced
tax was in Q4 other
also revealed 2015 items
withoutincluding
much detail.
theSince Following
responsibility the end of
of payment, the registration
exemptions andperiod in December,
phasing. The taxthe
willMoH
then, the regulations
be introduced overwere
four released
phases,inhowever,
June 2016 and housing
if the the six- supply and demand equilibrium is adjusted in the earlier
month
phases registration period for
the remaining landowners,
phases will notwhose lands met the
be introduced. The four announced
phases are: the total area of land registered reached 634,999,900
criteria, opened. sq m. The breakdown of land registered in each city is illustrated
in the table below:
Phase 1 - Undeveloped land with an area that exceeds 10,000 sq m.
The regulations define white land as any idle land designated
Phase 2 - Developed land with an area that exceeds 10,000 sq m. Total Land Area Registered (sq m)
for residential or residential / commercial use within the urban
Phase 3 - Developed land with an area that exceeds 5,000 sq m. % of which is over 10,000 sq m
boundaries outlined by the Ministry of Housing (MoH). Apart
Phase 4 - Developed land with an area that collectively exceeds 10,000.
Riyadh 283,068,860
from defining white lands, the regulations also cover other items 79%
including the responsibility of payment, exemptions and phasing. Jeddah 173,435,460
The situation in each city will be regularly assessed by the MoH to determine whether the next phase of the tax
70%
The tax will be introduced over four phases, however, if the
should be implemented. The tax will only be implemented in cities that suffer from a shortage of
Dammam housing. The first
134,736,273
housing supply and demand equilibrium is adjusted in the earlier
three cities the tax will be implemented in are Riyadh, Jeddah and Dammam. Riyadh will be the first 73% city to be
phases, the remaining phases will not be introduced. The four
invoiced by early 2017 followed closely by Jeddah and Dammam inCities
Other the same year. The urban43,769,348
boundaries for
phases are:
Makkah and Madinah are currently being drawn and expected to be announced by mid-2017. A further three cities
45%

are currently under study; however, their names have not beenSource:
announced.
Ministry of Housing
Phase 1 - Undeveloped land with an area exceeding 10,000 sq m.
Phase 2 - Developed land with an area exceeding 10,000 sq m. It is expected that in 2017, the revenue generated from the
Following the end of the registration period in December, the MoH announced the total area of land registered
Phase 3 - Developed land with an area invoiced properties and the mechanism used to fund the MOH’s
reached 634,999,941sq m. The breakdown of land registered in each city is illustrated in the table below:
exceeding 5,000 sq m from one plan. projects and the plan to improve infrastructures and amenities
Riyadh
Phase 4 - Developed land with an area collectively exceeding 10,000 in Jeddah Dammam
residential neighborhoods Other
currently located Citiesfrom city
further
Total
from one Land
city. Area Registered (sq m) 283,068,860 173,435,460
centers, 134,726,273
will be announced. 43,769,348
% which is over 10,000 sq m 79% 70% 73% 45%
Source:
The Ministry
situation in ofeach
Housing
city will be regularly assessed by the
MoH to determine whether the next phase of the tax should be
It is expected that in 2017, the revenue generated from the invoiced properties and the mechanism used to fund
implemented. The tax will only be implemented in cities that suffer
the MOH’s projects and the plan to improve infrastructures and amenities in residential neighborhoods currently
from a shortage of housing. The first three cities the tax will be
located further from city centers, will be announced.
implemented in are Riyadh, Jeddah and Dammam. Riyadh will
be the first city to be invoiced by early 2017, followed closely by
Home Financing
Jeddah and Dammam in the same year. The urban boundaries for
Makkah and Madinah are currently being drawn and are expected
Home financing in Saudi has been another active area over the last year. Speculation in late 2015 that the 70%
to be announced by mid-2017. A further three cities are currently
LTV announced by SAMA in 2014 would increase to 85% for specialized mortgage lenders were realized in early
under study; however, their names have not been announced.
2016. SAMA increased LTVs to increase accessibility to home ownership. So far, raising the LTV has had little
impact on the market. Real estate transactions registered by the Ministry of Justice decreased by 29% in 2016
compared to 2015.

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Home Financing
Home financing in Saudi has been another active area over the
last year with SAMA increasing the maximum LTV for specialised
mortgage lenders from 70% to 85% in early 2016. This move has
however had little impact on the market to date with real estate
transactions registered by the Ministry of Justice decreasing by
29% in 2016 compared to 2015.
To date, the only REIT in Saudi is the Riyad REIT. Launched in
June 2015, and listed on Tadawul in November 2016, the REIT has
a capital of SAR 500 million. Its assets include the Ascott Tahliya
Tower in Jeddah, Tamayouz and Izdihar Centers in Riyadh and the
Shati Tower in Dammam.

Additionally, a consortium between the Ministry of Housing, Ministry

of Finance and the Saudi Arabian Monetary Agency introduced
facilitated mortgages in October 2016. This program aims to
benefit families registered with the Real Estate Development Fund
to obtain a loan. The Ministry of Finance will issue a financial
guarantee and trust to banks to cover 15% of the total value of the
real estate unit in case mortgagees default on payments and the
mortgaged house sale price does not cover the defaulted amount.

SAMA announced that the minimume installment of mortgages

funded by commercial banks will be reduced from 70% to 15%.

Real Estate Investment Traded Funds

In an effort to diversify the economy and open the real estate to
smaller investors, the Capital Market Authority (CMA) approved
rules allowing for the formation of the Real Estate Investment
Traded Funds (REITs) in October 2016. These rules include a
minimum fund size of SAR 100 million (USD 26.6 million), with at
least 75% of the fund to be invested within Saudi Arabia. 30% of
the REIT must be owned by public shareholders and 90% of the
fund’s net profits must be redistributed annually to investors.

The introduction of REITs is aimed at improving transparency to

help achieve NTP’s goal to increase real estate’s contribution
to GDP from 5% to 10% annually. Additionally, REITs may help
achieve some of the broader goals in the Saudi 2030 Vision to
increase supply of housing by providing alternative sources of
finance and reducing reliance on the banking sector. However,
given that funds will not be allowed to invest in raw land, and may
only invest 25% on development projects, the impact of REITs on
the shortage of housing supply is likely to be limited. There are
also restrictions on debt, which is not allowed to exceed 50% of a
fund’s assets.

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 Riyadh Prime Rental Clock
Q4 2015 Q4 2016
Hotel*
Retail
Residential
Retail

Residential
Rental Growth Rents Rental Growth Rents
Slowing Falling Slowing Falling

Rental Growth Rents Rental Growth Rents

Accelerating Bottoming Out Accelerating Bottoming Out Hotel*

Office Office

Jeddah Prime Rental Clock

Q4 2015 Q4 2016
Retail Office
Hotel* Retail
Residential
Office
Hotel*
Rental Growth Rents Rental Growth Rents
Slowing Falling Slowing Falling

Rental Growth Rents Rental Growth Rents

Residential Accelerating Bottoming Out Accelerating Bottoming Out

DMA Prime Rental Clock

Q4 2015 Q4 2016
Hotel* Retail

Office
Residential
Hotel*
Rental Growth Rents Rental Growth Rents
Slowing Falling Slowing Falling
Retail

Rental Growth Rents Rental Growth Rents

Accelerating Bottoming Out Accelerating Bottoming Out

Office
Residential

* Hotel clock reflects the movement of RevPAR

Note: The property clock is a graphical tool developed by JLL to illustrate where a market sits within its individual rental cycle. These positions are not necessarily
representative of investment or development market prospects. It is important to recognise that markets move at different speeds depending on their maturity, size and
economic conditions. Markets will not always move in a clockwise direction, they might move backwards or remain at the same point in their cycle for extended periods.
Source: JLL

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 Riyadh Office Market Summary
SUPPLY

2016 has been a relatively inactive year in terms of project materialization,
with the only completion this year being MIG Tower on Al Thumama
Street, which added 21,000 sq m of office space. Elegance Tower on
King Fahd Road, expected to enter the market in Q4 2016, has been
delayed to 2017.
Looking ahead to 2017, the majority of office space in the pipeline will
be delivered from one project; the first phase of ITCC (160,000 sq m).
The remaining projects under construction are mid-scale developments
located on King Fahd Road including CMC Tower (10,400 sq m) and the
delayed Elegance Tower (24,000 sq m).

Riyadh Office Supply (2013–2018F)

4,000
3,500
3,000
GLA (000's) sq m

364
224
2,500
2,000
1,500
1,000 2,100 2,300 2,400 2,500 2,500 2,724
500
0
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE

Office rents have remained largely unchanged increasing by just 1% downsized in 2016 will likely add upward pressure on vacancies in
over the past year. Average office rents held up due to an increase in Riyadh over 2017. This may be further impacted once public bodies begin
rents outside of the CBD, whereas CBD rents decreased by just over 4%. to downsize in line with the National Transformation Program’s measure
Average rents decreased by almost 4% over the final quarter. to reduce the public workforce by a fifth.

The economic slowdown has impacted vacancies in Riyadh. Despite the
subdued state of the office completions in 2016, with only one property
entering the market, vacancies continue to increase in the city, rising to
13% by the end of year.
The release of shadow space into the market from companies which
Should some of the office space in King Abdullah Financial District be
repurposed to residential or hospitality use as planned by the Saudi
Vision 2030, then some of the supply in the pipeline for 2018 and 2019
will be withdrawn. This should alleviate some of the downward pressure
on future office rentals.

CBD Rents (per sq m ) / Annual Change

Source: JLL
Source: JLL
Riyadh Jeddah
dh Jeddah
CBD Rents CBD Ren
ents CBD Rents
(SAR per sq m) (SAR per sq
sq m) (SAR per sq m)

1,253 1,262 1% 1,131 1,124

2 1% 1,131 1,124 -1%
Q4 2015 Q4 2016 Y-o-Y Q4 2015 Q4 2016
16 Y-o-Y Q4 2015 Q4 2016 Y-o-Y

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 Jeddah Office Market Summary
SUPPLY

The current supply of office space in Jeddah reached almost 984,000 sq
m in Q4 2016. The most notable completion in 2016 was Emaar Square,
which began handing over to tenants in Q4. Emaar Square (24,000 sq m)
was the largest completion in Jeddah since the Headquarters entered the
market in 2014. There were no other completions in Q4 2016.
A number of small to mid-scale projects may be withdrawn from the supply
pipeline as landlords change the purpose of the building from commercial
to furnished apartments, which are growing in popularity.

Jeddah Office Supply (2013–2018F)

1,200
100 86
1,000
GLA (000's) sq m

800

600

400
742 853 892 984 984 1,084
200

0
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE
2016 saw office rents soften marginally (-1%). The softening lease rates
reflected the contracting economic conditions in the market due to the
decline in oil prices and completion, or near completion, of a number
of infrastructure projects which will see engineering and contracting
companies reduce their office space requirements.
Y-o-Y vacancy rates remained stable in Q4 2016 at 6% despite a number
of vacancies over the last two quarters. Average rents currently stand at
SAR 1,124, which declined marginally (-1%) Y-o-Y but remained stable
over the quarter.
Further declines in lease rates and occupancies are expected over 2017.
The main cause of vacancies will be the release of shadow vacancies
into the market as a number of companies move out of rented space into
owner occupier buildings, along with the decision of more companies to
postpone or scale back their expansion plans.
The market is likely to swing in favor of occupiers as waning demand
for office space will create more room for negotiation adding downward
pressure on lease rates. This may result in a more notable decline in
average rents.
Medical clinics are increasingly leasing space within office buildings due
to the limited stock of purpose built clinical buildings in Jeddah. This is
positive news for landlords as it increases the diversity of the tenant pool
in Jeddah which is witnessing waning demand from corporate occupiers.

CBD Rents (per sq m ) / Annual Change

Source: JLL

Riyadh Jeddah
CBD Rents CBD Rents
SAR per sq m) (SAR per sq m)

1,262 1% 1,131 1,124 -1%

Q4 2016 Y-o-Y Q4 2015 Q4 2016 Y-o-Y

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 DMA Office Market Summary
SUPPLY

Al Mahmal Commercial Center, which added approximately 12,000 sq
m of office space, was the only major completion in the second half of
2016. Looking ahead to 2017, a large area of office space is expected to
enter an already oversupplied market including Abdul Karim Tower and
Al Hajri Tower.
The delay in the materialisation of large master planned projects in the
DMA, such as the Marina development and Al Rashed City, is positive
news for the current office market. Such developments may become
commercial hubs and compete with existing buildings.
The future pipeline of office space in the DMA includes a number of mid
to large scale projects. This will add further downward pressure on both
rents and occupancies in 2017.
The business park concept continues to be popular. A number of new
projects have been announced including: Union Square and Alkaltham
Business Park.

DMA Office Supply (2013–2018F)

1,200

1,000 30
GLA (000's) sq m

800 105

600

400
521 542 669 751 751 856
200

0
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE

Out of the three main cities in Saudi, the DMA has the lowest average
office rents, which currently stand at SAR 970. The current climate has
added downward pressure on grade A office rents. Whereas rents for the
prime buildings reach SAR 1,500, there are few buildings in the DMA
where rents exceed SAR 1,300.
Vacancies in Q4 2016 averaged 39%. The high vacancy rate reflects the
oversupply in the market caused by the completion of a number of mid-
scale projects, ranging between 20,000 – 30,000 sq m, in 2014 and 2015
coupled with the crash in oil price earlier this year which caused a direct
impact on tenants operating in the oil and gas sectors in the DMA.

CBD Rents (per sq m ) / Annual Change

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 Riyadh Residential Market Summary
SUPPLY

Approximately 4,000 units mostly formed of stand alone villas and apartment
buildings entered the market in Q4 2016. The only notable completion was by
Masa Alamaeriah Group which added 59 villas to the market.
A further 25,000 units are expected to enter the market in 2017. Unlike
other major cities, Riyadh has a number of large scale communities under
development. Some of the more notable projects include the Green Oasis
development by Al Argan which is expected to deliver over 900 villas in 2017,
and East Gate, which plans to deliver 7,000 villas. This development appeals
to the growing demand for community style living.
In an effort to increase housing supply in the Kingdom, the government has
taken initiatives to work with the private sector this year.
East Gate has showcased how the private sector can successfully work with
the government to deliver units to those who qualify for housing support from
the Ministry of Housing and for a loan from the Real Estate Development
Fund. 100% of the units have been reserved prior to the commencement of
construction.
Unit prices in East Gate start from SAR 650,000 and the difference between
the cost of the unit and the loan can be paid in installments over a period
of four years. The bank will also hold 5% of the value of the contract for an
additional year once the unit is delivered as a guarantee. In this way, the end
users interests are protected by ensuring the quality of the product and the flow
of finance to ensure project materialisation on time.

Riyadh Residential Supply (2013–2018F)

1,100
23
1,050 25
Number of Units (000's)

1,000

950

900

850 940 971 989 1,010 1,010 1,035

800
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE
Y-o-Y rents for both villas and apartments decreased by 4%. Residential
performances remained relatively stable across the board in Q4 2016, with
falls being limited to just -1%.
Riyadh is expected to be the first city to be invoiced under the White Land
Tax in January 2017. Although the effect on residential prices is unlikely to
be immediate, this is a positive step forward. Affordability is becoming an
increasingly significant issue, particularly after the removal of certain perks
and benefits from public sector employees pay, which further limits their
ability to borrow from the banking and specialized mortgage lender sectors.
The number of residential transactions in Riyadh decreased in 2016 by
around 26% compared to 2015, according to the Ministry of Justice, giving
buyers more bargaining power. This may add continued downward pressure
on sales prices in 2017.

Residential Property Rent and Sale Indices

Source: JLL

Riyadh
Jeddah Riyadh Jeddah
Apartment (2-3BR)
CBD Rents Villa (3BR) Apartment (2-3BR)
(SAR per sq m)

Rents Sales Rents Sales Rents Sales

1% 1,131-1% -4% 1,124

-1% 1% -1%-1% -4% 0% -1% -1% 1% -4% -7% -2
Y-o-Y Q-o-Q
Q4 2015 Y-o-YQ4 2016
Q-oQ Y-o-Y Y-o-Y
Q-o-Q Y-o-Y Q-oQ Y-o-Y Q-o-Q Y-o-Y Q-oQ Y-o-Y Q-o

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 Jeddah Residential Market Summary
SUPPLY

Q4 2016 saw the completion of the first phase (33 villas) of the Murooj Villas
development in North Jeddah. The remaining 76 units are expected to enter the
market in 2017. A total of approximately 4,000 units were added to the market
over the last quarter.
Although there were limited notable completions in 2016, the projects which
did complete were part of a growing concept of quality lifestyle developments
including: Diyar Al Salama (168 units), Taibah Residential Complex (143 units),
Hyat Villas (96 units), the first part of phase 2 of Al Fareeda development (219
units) and Da’em Residences (120 units).
The first half of 2017 is expected to see a number of developments enter the
market which were delayed from 2016, including: Farsi Seven Towers, Abraj Al
Hilal 2 and Gardenia Residence.
The need to shift focus towards affordable housing development was reinforced
by speakers at Cityscape Jeddah earlier this quarter. However, the majority of
projects presented were high end developments in either the U.A.E or Turkey,
with few local projects displayed; indicating a continued preference of Saudi
investors to invest abroad.
A number of high rise towers will furnish Jeddah’s skyline over the next 2 –
3 years. Projects under development include Diamond Tower, Farsi Seven
Towers, Bayat Plaza, Golden Tower and the Aqua Raffles Towers which
recently begun construction. These developments will add almost 1,000 units
to the market once completed.

Jeddah Residential Supply (2013–2018F)

860
840 13
Number of Units (000's)

820
14
800
780
760
740
720
700 754 769 789 803 803 817
680
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE
Following the continuous growth witnessed in 2015, apartment rental
growth slowed over 2016 and Q4 2016 saw a further slowdown in Y-o-Y
apartment rents which increased marginally by less than 1%. Q-o-Q rents
remained relatively stable decreasing marginally by less than 1%. Villa
rents decreased both Q-o-Q and Y-o-Y by 2% and 3% respectively, showing
a continued preference for apartments for rent.
Sales prices decreased across the board in Q4 2016 for both apartments
and villas. Apartment sale prices decreased by 4% Q-o-Q and 7% Y-o-Y,
while villa sale prices decreased by 2% Q-o-Q and saw a steeper decrease
of 12% Y-o-Y.
Sales prices may decrease further in 2017, given the decrease in residential
transactions by 16% in 2016, compared to 2015, according to the Ministry
of Justice.

Residential Property Rent and Sale Indices

Source: JLL
Riyadh Jeddah
Jeddah Jeddah DMA
Villa (3BR) Apartment (2-3BR)
CBD Rents Villa (3BR) Apartments (2BR)
(SAR per sq m)

Rents Sales Rents Sales Rents Sales Rents Sales

1% -1%
1% -4% 0% -1% -1%
1,131 1% -4%
1,124 -7% -2%
-1% -3% -2% -12% 3% -8%
-o-Y Q-o-Q
Y-o-Y Y-o-Y Q-oQ Y-o-Y Q-o-Q
Q4 2015 Y-o-Y Q-oQ
Q4 2016 Y-o-Y Q-o-Q
Y-o-Y Y-o-Y Q-oQ Y-o-Y H2 2016 H2 2016

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 DMA Residential Market Summary
SUPPLY

The total stock of residential units in the DMA was approximately 340,000 units
at the end of the year. Approximately 9,000 units entered the market over the
year. There were no major completions in the second half of 2016. The majority
of supply remains in the form of traditional stand alone villas and apartment
buildings.
Future supply may face some delays in materializing as some large scale
projects, such as the remaining phases of Al Khobar Lakes, face delays.
The Ministry of Housing has given permission to the Jenan Real Estate
Company to sell off-plan units in its luxury residential tower; Al Khobar
Views.
The Ministry hopes that allowing developers to market and sell units off-
plan that projects will allow them to meet their targeted completion dates.
This is turn should help improve the current situation of project delays
and low materialization rates and reduce the overall housing shortage.

Apartment complexes providing between 100 – 200 units are on the rise in the Additionally, the Ministry of Housing signed an MoU with a Chinese
DMA, with a number of such projects in the pipeline. Notable projects include: company in August to develop 100,000 units in Al Ahsa, elsewhere in the
The Grand Residence (220 units), Orsiyat Residential Towers (116 units), Eastern Province.
Sawari Residential Tower (130 units) and Sultan Residential Tower (208 units).

DMA Residential Supply (2013–2018F)

420
400
Number of Units (000's)

380
10
360 9
340
320
300
280
260 323 326 331 340 340 349
240
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE
Increases in apartment and villa rents are showing signs of slowing down. Rents and sales prices are highest in Al Khobar, compared to Dammam
Rents increased by 3% and 4% respectively over the second half of 2016. and Al Dhahran, as Al Khobar remains the preferred residential location in
This is expected to slow further in 2017. the DMA.

Prices are expected to decrease in 2017, particularly as the number of

residential transactions in the DMA decreased in 2016 by 32%. Giving
buyers more room for negotiation, which should add downward pressure
on sales prices.

Residential Property Rent and Sale Indices

Source: JLL
Jeddah DMA
Jeddah DMA
Villa (3BR) Apartments
CBD (2BR)
Rents Villas
(SAR per sq m)

Rents Sales Rents Sales Rents Sales

% -2%
1% -3% -2% -12% 1,131 3% 1,124-8% -1% 4% -27%
-Y Q-o-Q
Y-o-Y Y-o-Y Q-oQ Y-o-Y Q4 2015H2 2016 H2 2016
Q4 2016 Y-o-YH2 2016 H2 2016

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 Riyadh Retail Market Summary
SUPPLY

There were no further completions in Q4 2016. All the supply which
entered the market earlier in 2016 was convenience retail. However,
looking ahead to 2017, there are a number of regional and super regional
centers in the pipeline.
Much of the future supply over the next two years is concentrated along
the Northern and Eastern Ring Roads and Al Thumama Road. With new
supply entering the market in those areas, competition amongst shopping
centers will be strong as they compete for the waning demand within
those catchment areas.
The current concentration of many shopping centers in the central area of
Riyadh, means there is an opportunity to serve relatively underprovided
areas in the city. Particularly in the growth corridors in the North and East
of the city.
Shopping centers are increasingly becoming places to meet and socialize
as opposed to just shopping. Particularly in a city which has limited
entertainment offerings. With the expected growth in households opting
to stay locally during school and public holidays, retailers are developing
their entertainment and F&B offerings by introducing more concepts and
new brands.
A number of new F&B retailers have recently entered the market including
Nandos, Zafran, Five Guys and Shake Shack. The entrance of new F&B
retailers will see more competition and improved quality in this segment
in 2017.

Riyadh Retail Supply (2013–2018F)

2,500
195
2,000
GLA (000's) sq m

281
1,500

1,000

500 1,270 1,370 1,410 1,500 1,500 1,781

0
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE
Community center rents remained unchanged both Q-o-Q and Y-o-Y.
Super regional centers on the other hand continue to show marginal
decreases both Q-o-Q (-1%) and Y-o-Y (-2%). A trend which is likely to
continue throughout 2017.
Vacancies increased marginally Y-o-Y and reached 9% as of Q4 2016.
Given the supply which is currently under construction, this is expected to
increase further over the coming year. Particularly as retailers are likely
to reconsider their expansion plans given weaker household spending.

Retail Rents (% change)

Source: JLL

h Jeddah Riyadh Jeddah

nts Retail Rents
CBD Rents Retail Ren
q m) (SAR per sq m)

Super Regional Community Centres Super Regional

1% -1%
1,131 -2%
1,124 0%
-1% 0% -2% -3%

Y-o-Y Q-o-Q
Q4 2015 Y-o-Y
Q4 2016 Q-o-Q
Y-o-Y Y-o-Y Q-o-Q Y-o-Y

COPYRIGHT © JONES LANG LASALLE IP, INC. 2017

 Jeddah Retail Market Summary
SUPPLY

The largest completion in 2016 was Al Yasmin Mall, the first quality
shopping center to open in the area of Al Haramain Road, which added
over 58,000 sq m of quality retail space. There were several other
completions in 2016 including Al Khayyat 3, Galleria Commercial Center
and the expansion of Al Andalus Mall.
The changing dynamic of household expenditure in Saudi creates an
opportunity for affordable brands. Data from SAMA shows that although
expenditure is still on the rise, the value of spending has stabilized. This
suggests that households are selecting more affordable brands over
luxury.

With the delay of the completion of the Red Sea Mall and Al Rabie
expansions to Q1 2017, there were no further completions in Q4 2016.
Current supply of retail space in the market stands at 1.15 million sq m.
The next major completion expected to enter will be Jeddah Park
(expected in late 2017), followed by King Avenue by Um Al Qura located
in South Obhur.
Many developers have placed their expansion plans within Jeddah on
hold until there is more economic clarity. Although there have been a
number of shopping centers planned or announced over the last two
years, few have actually reached the construction phase. It is likely that
many of these centers will face a 2 – 3 year delay in materialization.

Jeddah Retail Supply (2013–2018F)

1,600
1,400 142
1,200 205
GLA (000's) sq m

1,000
800
600
400 979 1,060 1,070 1,150 1,150 1,355
200
0
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE
The second half of 2016 witnessed weaker household spending in
Jeddah. Y-o-Y rents decreased by 2% and 3% for regional and super
regional centers respectively. Q-o-Q lease rates for regional centers
remained unchanged but decreased by 2% for super regional centers.
Vacancies increased marginally during 2016 but remained at 10% in Q4.
Although dated centers are still responsible for the majority of vacancies,
notable, quality shopping centers, which previously enjoyed 100%
occupancies, are also now witnessing vacancies of around 2%.

Retail Rents (% change)

Source: JLL

dhRiyadh Jeddah
Jeddah
Retail Rents
Rents CBDRetail
RentsRents
sq m) (SAR per sq m)

Community Centres Super Regional Regional

62 0%
1% 0% -2%
1,131 -3%
1,124 0%
-1% -2%

016 Q-o-Q
Y-o-Y Y-o-Y Q-o-Q
Q4 2015 Y-o-Y
Q4 2016 Q-o-Q
Y-o-Y Y-o-Y

COPYRIGHT © JONES LANG LASALLE IP, INC. 2017

 DMA Retail Market Summary
SUPPLY

There were no major completions in the second half of 2016 with the JLL currently tracks 16 centers in the DMA which are classified as
current stock of retail space in the DMA remaining at 1.024 million sq m. community, neighborhood or convenience centers, compared to 5
Only one neighbourhood center is expected to complete in 2017 which regional and super regional centers which typically provides a wider
will add approximately 6,000 sq m to the market. range of retail and entertainment options.

Most of the current major retail supply in the DMA is based in Al Khobar Weaker spending power amongst local residents may actually benefit the
and Al Dhahran. Looking ahead, a number of centers are planned or DMA unlike Jeddah or Riyadh where the effects of weaker spending have
under construction in Dammam including Dammam Mall (by Arabian begun to emerge. Initial statistics indicate that less Saudi households
Centers) and West Avenue (by Hamat Real Estate). are traveling during holiday periods. If more residents in the DMA are
staying over the holidays then expenditure will be spent locally instead
In an area which has historically competed with Bahrain, convenience of in Bahrain.
retail centers (those below 30,000 sq m) outnumber regional and super
regional centers in the DMA. This is likely due to higher demand for larger
centers in Bahrain from Saudi consumers. Particularly during weekends,
school and public holidays.
DMA Retail Supply (2013–2018F)
1,600
1,400
1,200 114
GLA (000's) sq m

6
1,000
800
600
400 956 1,007 1,019 1,024 1,024 1,030
200
0
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE
Occupancies in regional and super regional centers in the DMA are quite Given the limited supply entering the market and the likely delay in the
high given the limited supply of major quality centers. Many existing delivery of some of the planned and under construction centers in the
centers are in the neighborhood and community center categories, which DMA; rents are likely to plateau over the next year with some downward
add little supply to the market at a time thus creating limited competition. pressure possible.
Average rents in super regional centers currently average around SAR
2,800 per sq m, while regional center rents are averaging around SAR
2,100 per sq m.

Retail Rents (% change)

COPYRIGHT © JONES LANG LASALLE IP, INC. 2017

 Riyadh Hotel Market Summary
SUPPLY

There were no changes to the Riyadh hotel supply during the last quarter of The decline in demand from the business and public sector segments of the
the year and the total number of rooms was 11,800 at the end of the year. This market highlights the need for Riyadh’s hospitality to diversify and to reduce its
represents around 8% growth in available rooms over the course of 2016. reliance on business tourism.

A further 4,300 keys are currently scheduled for 2017, among them several
projects postponed from 2015 and 2016. We expect a relatively large share of
these to experience further delays and open only in 2018 or later.
These delays in materialization of the hotel pipeline should soften the impact
of the new entrants on hotel performance in Riyadh and reducing the risk of a
significant oversupply situation.
Evidence has already begun to show that fewer households are traveling
internationally during school and public holidays due to weakening spending
power. The current leisure-oriented offering is relatively limited in comparison
to the size in the city. Hence the opportunity exists for the hospitality market in
Riyadh to provide a more diversified offering, e.g. within the desert resort market.
This can be expected to attract leisure tourists, especially from the domestic or
regional market.

Riyadh Hotel Supply (2013–2018F)

20,000
18,000 3,700
16,000
14,000 4,300
12,000
KEYS

10,000
8,000
6,000
4,000 9,500 9,900 10,700 11,800 11,800 16,100
2,000
0
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE

Pressure on hotel occupancy rates in Riyadh increased over the first
half of the year and occupancy rates stabilized around 6 basis points
below their 2015 levels over the second half of the year. YT Novemeber
occupancy rates was 54% which is one of the lowest levels ever recorded
for the city.
The strong reliance of Riyadh on business travel and domestic tourism,
is the main reason for the decrease in performance. Cuts in government
spending and quieter business environment over the year can largely
explain the 17% drop in RevPAR which reached USD 114.

ADRs also continued to decline in Q4 2016, yet with a slight slow down
in the pace of decrease over the last months. YT Novemeber ADR
bottomed at USD 211, 7% below its 2015 level.
Hotel Performance

Source: STR Global

Source: STR Global
Riyadh Jeddah
Jeddah Hotel Performance Hotel Performa
Hotel Performance

Occupancy Average Daily Rates Occupancy Averag

aily Rates Occupancy (%) Average Daily Rates (USD) (%)
D) (%) (USD)
60% 54% 228 211 -7% 75% 68% 255
211 -7% 75% 68% 255 264 4%
YT Nov 2015 YT Nov 2016 YT Nov 2015 YT Nov 2016 Y-o-Y YT Nov 2015 YT Nov 2016 YT Nov 20
YT Nov 2016 Y-o-Y YT Nov 2015 YT Nov 2016 YT Nov 2015 YT Nov 2016 Y-o-Y
COPYRIGHT © JONES LANG LASALLE IP, INC. 2017
 Jeddah Hotel Market Summary
SUPPLY

The hotel sector in Jeddah has been active over 2016 with six hotels opening
throughout the year. Two of which opened in the last quarter of the year including
the Assila The Rocco Forte Hotel & Residential Suites (210 keys and 94
apartments) and the locally branded Casablanca Grand (125 keys) which is the
fourth property for the Casablanca Group in Jeddah. These completions have
increased the stock of quality hotel keys in Jeddah by around 1,200 keys which
represents a 14% increase compared to last year.
to report a decline in outbound travelers during the school holiday in November
compared to the same holiday last year.
Travel agencies also noted that demand for local flights increased during the
school holiday as more households chose to visit domestic tourism destinations
such as Jeddah and the DMA, visit relatives in other cities or go on religious visits
to Makkah and Madinah.

Looking ahead, further completions are expected in 2017, including the Ritz The development of the entertainment and tourism sectors in the already popular
Carlton (224 keys) and the Novotel Jeddah Tahlia (139 keys) which are expected tourist city of Jeddah was a theme at Cityscape Jeddah. Projects outlined include
to enter the market in early 2017 and Elaf Galleria (445 keys) expected later in the eventual development of Jeddah Eye and ambitious plans to develop the
2017. Jeddah Corniche.

Weaker spending power is likely to see the number of outbound tourist trips
decrease from Saudi households. Notable travel agencies have already started
Jeddah Hotel Supply (2013–2018F)
16,000
14,000
12,000 1,700 1,600
10,000
KEYS

8,000
6,000
4,000
7,300 7,500 8,600 9,800 9,800 11,500
2,000
0
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE

YT November occupancy rates in Jeddah were 68%, down by almost Saudi households to travel outside the country. This is likely to have
7% compared to the same period last year and which can be largely allowed operators to enhance their revenue management strategies and
explained by the decrease in business tourism. maximized ADRs during peak leisure periods.

ADRs, however, have increased by 4% to USD 264 YT November; the RevPAR dropped by almost 7% YT November to USD 179 compared
highest in KSA and the region. Many factors have played in the slight USD 192 during the same period in 2015.
increase in ADR, among them the likely increase in domestic demand
during school holidays and weekends due to the reduced ability of

Hotel Performance

Source: STR Global

Riyadh Jeddah
Performance Hotel Performance
Source: STR Global
Average Daily Rates Occupancy
Jeddah Average Daily Rates
(USD) (%) (USD)
Hotel Performance
228 211 -7% 75% 68% 255 264 4%

ailyYT Nov 2015 YT Nov 2016

Rates Y-o-Y YT Nov 2015
Occupancy YT Nov 2016 DailyYT
Average Nov 2015
Rates YT Nov 2016 Y-o-Y
D) (%) (USD)
COPYRIGHT © JONES LANG LASALLE IP, INC. 2017
211 -7% 75% 68% 255 264 4%
 DMA Hotel Market Summary
SUPPLY

The second half of 2016 witnessed the opening of two internationally branded
hotels in the DMA; the Golden Tulip Al Khobar Suites (52 keys) and the Aloft
Dhahran (262 keys), increasing the supply of quality branded hotels to almost
6,500 keys.
This marks the fifth property for the Golden Tulip brand in DMA, while the Aloft
Dhahran is the brand’s first property in the DMA and the second in KSA.
Although a number of hotels are currently in advanced stages of construction,
only one hotel is expected to open in 2017: the Radisson Blu Resort Half Moon
Bay with 136 keys which is a conversion from the former Boudl Half Moon Bay
resort.
According to the Tourism Information and Research (MAS), hotels, resorts and
furnished apartments experienced 95% - 100% occupancies in the DMA during
the mid-term school holidays in November 2016.
Although high occupancies are not unusual during the holiday period, findings
by MAS indicate a possible change in household behavior. Whereas previously
families in the DMA and the Eastern Region preferred to spend their holidays
in Bahrain, weaker purchasing power may lead to families in the Region opting
to holiday locally more often. This is positive news for a sector which has seen
poorer performance due to a decline in business visitors.

DMA Hotel Supply (2013–2018F)

16,000
14,000
12,000
10,000
1,400
KEYS

8,000 100
6,000
4,000
4,800 5,200 6,100 6,500 6,500 6,600
2,000
0
2013 2014 2015 2016 2017F 2018F
Source: JLL Completed Future Supply

PERFORMANCE

The contraction in the oil and gas sector had a direct impact on the DMA
hospitality market due to its reliance on business tourism. YT November
occupancy rates in the DMA have dropped significantly (-13%) to 55%
compared to 68% over the same period in 2015. This is a direct result
of the sharp decline in business visitors in the oil and gas and support
industries.
Unlike Jeddah, where ADRs remained high despite decreasing
occupancies, ADRs in the DMA have decreased by almost 3% to reach
USD 165. As a result, RevPAR declined by almost 20% to an average of
USD 90 YT November 2016, down from USD 115 during the same period
in 2015.

Hotel Performance

Source: STR Global

Riyadh DMA
Performance Hotel Performance
Source: STR Global
Average Daily Rates Occupancy
Jeddah Average Daily Rates
(USD) (%) (USD)
Hotel Performance
224 210 -6% 67% 55% 170 165 -3%

ailyYT Nov 2015 YT Nov 2016

Rates Y-o-Y YT Nov 2015
Occupancy YT Nov 2016 DailyYT
Average Nov 2015
Rates YT Nov 2016 Y-o-Y
D) (%) (USD)
COPYRIGHT © JONES LANG LASALLE IP, INC. 2017
211 -7% 75% 68% 255 264 4%
 KSA Construction Costs
Ref Built Asset Cost Range Cost Range Cost Range
SAR SAR SAR
Low Mid High

HOTELS (Including FF+E, OS+E; Excluding Parking)

1.1 3 Star Hotel Per m2 5,000 6,000 7,000
1.2 4 Star Hotel Per m2 6,500 7,500 8,500
1.3 5 Star Business Hotel Per m2 9,000 10,500 12,000
1.4 5 Star Hotel ( Resort & Destination) Per m2 10,000 11,500 13,000

RESIDENTIAL VILLAS (Including FF+E, OS+E; Excluding Parking)

2.1 Villa - Low Specification Per m2 2,100 2,300 2,600
2.2 Villa - Medium Specification Per m2 2,600 2,850 3,300
2.3 Villa - High Specification Per m2 4,500 5,000 6,000
2.4 Apartment - Low/Medium Rise - Low Per m2 2,450 2,800 3,100
Specification
2.5 Apartment - Low /Medium Rise - Medium Per m2 3,000 3,350 3,700
Specification
2.6 Apartment - Low/Medium Rise - High Per m2 4,250 4,600 5,000
Specification
2.7 Apartment - High Rise - Low Specification Per m2 4,000 4,400 4,800

2.8 Apartment - High Rise - Medium Specification Per m2 4,750 5,250 5,750

2.9 Apartment - High Rise - High Specification Per m2 5,500 6,000 6,500

COMMERCIAL OFFICES (Shell and Core, Excluding Parking)

3.1 Offices - Low/Medium Rise - Low Specification Per m2 3,000 3,300 3,600

3.2 Offices - Low /Medium Rise - Medium Per m2 3,500 3,750 4,000
Specification
3.3 Offices - Low/Medium Rise - High Specification Per m2 3,800 4,200 4,600

3.4 Offices - High Rise - Low Specification Per m2 3,900 4,200 4,500

3.5 Offices - High Rise - Medium Specification Per m2 4,300 4,600 5,000
3.6 Offices - High Rise - High Specification Per m2 5,000 5,500 6,000

CAR PARKING
4.1 Surface Parking Per m2 220 260 320
4.2 Surface Parking with Shading Per m2 375 475 650

4.3 Above Grade Parking - Approximate 4 levels Per m2 1,750 2,500 3,000

4.4 Below Grade Parking - Approximate 3 levels Per m2 2,250 2,750 3,100

Tender Price Inflation (Estimated Average) Year Low Medium High

2017 -0.5% 0.0% 0.5%

2018 0.0% 0.5% 1.0%

2019 1.0% 1.5% 2.0%

Exclusions: Professional fees, Contingencies, Inflation, Municipality / Statutory fees, Land Acquisition Costs & Financing, Inflation/
Escalation, External Works, Services/Diversions/Upgrades, incoming infrastructure, roads, landscaping, public realm, Value Added Tax (VAT)

Note: Costs/m2 are based on GIA, as per RICS code of measuring practice 6th Edition, all costs assume traditional procurement.

COPYRIGHT © JONES LANG LASALLE IP, INC. 2017

 2017 and Beyond
OPPORTUNITIES
Opportunities in alternative assets
Underperformance in the four main asset classes will prompt
investors to consider alternative asset classes such as healthcare
and education.
Demand for hotels has traditionally been led by existing supply
which was generally in the high end category. Weaker spending
means demand is likely to increase for budget accommodation
from both Saudi households and business travelers.
There is a further opportunity within the residential sector to tap
into the affordable housing segment of the market, of which, there
is currently a substantial shortage across KSA.
White Land Tax
With development activity likely to increase over the next two years,
opportunities for private developers to form partnerships with the
public sector will arise.
Real Estate Investment Traded Funds
The introduction of REITs can provide better planning and clearer
exit strategies for investors; e.g. develop – lease – sell.
COPYRIGHT © JONES LANG LASALLE IP, INC. 2017
RISKS
Regional unrest
Continued tensions in the region will likely see more resources
dedicated towards security and defense, which will likely mean
cutbacks in spending for other sectors.
Restrictions in the number of pilgrims
Delays in lifting the 20% restrictions on pilgrim permits will
continue to impact the hotel market in Makkah, but also in Jeddah;
the gateway to Makkah. These restrictions may also delay the
Kingdom’s diversification efforts, as religious tourism is one of its
primary drivers.
Weak oil prices
With oil prices expected to remain low for the immediate future,
this will delay the recovery of the Saudi economy, particularly in
cities such as the DMA which is heavily reliant on the sector.
Delays in infrastructure projects
Major infrastructure projects such as the Jeddah, Makkah and
DMA metros can have major positive effects for local economies
by spurring demand from the construction and support industries.
 Definitions & Methodology
Future Supply
JLL estimates of future supply are updated quarterly, based on
physical inspections and discussions with developers. We remain
cautious of the ability of some projects to meet their stated
completion deadlines, with significant delays in project delivery
leading to a low materialisation rate.
Interpretation of market positions in the rental clock
6 o’clock indicates a turning point towards rental growth. At this
position, we believe the market has reached its lowest point and
the next movement in rents is likely to be upwards.
9 o’clock indicates the market has reached the rental growth peak,
while rents may continue to increase over coming quarters the
market is heading towards a period of rental stabilisation.
12 o’clock indicates a turning point towards a market consolidation /
slowdown. At this position, the market has no further rental growth
potential left in the current cycle, with the next move likely to
be downward.
3 o’clock indicates the market has reached its point of fastest
decline. While rents may continue to decline for some time, the
rate of decrease is expected to slow as the market moves towards
a period of rental stabilisation.
COPYRIGHT © JONES LANG LASALLE IP, INC. 2017
Residential
The supply data is based on the National Housing Census (2010)
and our quarterly survey of major projects and stand-alone
developments in selected areas in Riyadh and Jeddah.
Completed building refers to a building that is handed over for
immediate occupation.
Residential performance data is based on two separate baskets.
One for rentals in villas and apartments and another for sales
performance for villas and apartments. The two baskets cover
properties in selected locations across Riyadh and Jeddah.
Office
The supply data is based on our quarterly survey of Grade A and
B office space located in certain areas of each city.
In Riyadh, the areas covered include: CBD, North and East Ring
Roads, Khurais, Mazer, and Sitteen Streets.
In Jeddah, the areas covered include: Prince Sultan, Tahlia,
Al-Malek, Ibrahim Al Jaffali, Amanah Street, Madinah, King
Abdullah and Rowdah Streets.
Completed building refers to a building that is handed over for
immediate occupation.
The rents shown in the office performance graphic represent the
average of Prime, Grade A and Upper Grade B office space.
Prime Office Rent represents the top open-market rent that could
be expected for a notional office unit of the highest quality and
specification in the best location in a market, as at the survey
date (normally at the end of each quarter period). The Prime
Rent reflects an occupational lease that is standard for the local
market. It is a face rent that does not reflect the financial impact of
tenant incentives, and excludes service charges and local taxes.
Office vacancy rates are based on estimates by the JLL Agency
team for a basket of buildings.
Retail
Classification of Retail Centres is based upon the ULI definition
and based on their GLA:
●● Super Regional Malls have a GLA of above 90,000 sq m
●● Regional Malls have a GLA of 30,000 – 90,000 sq m
●● Community Malls have a GLA of 10,000 – 30,000 sq m
●● Neighbourhood Malls have a GLA of 3,000 – 10,000 sq m
●● Convenience Malls have a GLA of less than 3,000 sq m
COPYRIGHT © JONES LANG LASALLE IP, INC. 2017
Retail supply relates to the Gross Lettable Area (GLA) within retail
malls tracked by JLL.
Average rents for Shopping Centres represents the quoted
average rents for line shops for the major shopping malls in
Riyadh and Jeddah.
Vacancy rate is based on estimates from the JLL Retail team, and
in the case of Jeddah on data received from the Shopping Centre
Committee of the Jeddah Chamber of Commerce and Industry,
and represents the average rate across standard in line shop
unit shops.
Hotels
Hotel room supply is based on existing supply figures provided
by the Saudi Commission for Tourism and Antiquities as well as
future hotel development data tracked by JLL Hotels.
Room supply includes 3, 4 and 5 star hotel rooms but excludes
serviced apartments.
Performance data is based on a monthly survey of hotels
conducted by STR Global.
Riyadh Jeddah Al Khobar
18th Floor, South Tower Level 2, Suite 209 Level 21, Al Khobar Gate Tower
Abraj Attawuniya Jameel Square King Fahed Road
King Fahd Road Tahliya and Andalus Streets Junction Al Khobar 31952
PO Box 13547 PO Box 2091 PO Box 32348
Riyadh 11414 Jeddah 8909 – 23326 Saudi Arabia
Saudi Arabia Saudi Arabia Tel: +966 13 330 8401
Tel: +966 11 218 0303 Tel: +966 12 660 2555 +966 13 330 8402
Fax: +966 11 218 0308 Fax: +966 12 669 4030 +966 13 330 8403

For questions and inquires about the KSA real estate market, please contact:

Jamil Ghaznawi Dana Williamson Andrew Williamson Marko Vucinic

Country Head Head of Tenant Representation & Head of Retail Senior Vice President (Hotels)
KSA Corporate Solutions MENA MENA MEA
jamil.ghaznawi@eu.jll.com dana.williamson@eu.jll.com andrew.williamson@eu.jll.com marko.vucinic@eu.jll.com
Andrew Rotteveel Craig Plumb Fayyaz Ahmad Ahmed Almihdar
Head of Project & Head of Research Director, Advisory Senior Analyst
Development Services MENA KSA KSA
MENA craig.plumb@eu.jll.com fayyaz.ahmed@eu.jll.com ahmed.almihdar@eu.jll.com
andrew.rotteveel@eu.jll.com
Hassan Shamseddine Asma Dakkak
Senior Financial Analyst Research Manager
KSA MENA
hassan.shamseddine@eu.jll.com asma.dakkak@eu.jll.com

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