Dubai-based Cityscape Intelligence has launched new market data which not only compares real estate sales and leasing prices in eighteen areas across Jeddah and Riyadh, but also compares office and residential asset classes, tracking prices back to 2007.
Moira Robertson, Project Director of CI, said, “No real estate price index like this existed in Saudi Arabia until we commissioned our own research. It was therefore surprising to find that the market has yielded on average 8% per annum, clearly avoiding the boom bust that some other Gulf markets have suffered.”
The new price index includes real estate sales and leasing prices in fifteen areas of Riyadh and three areas in Jeddah. Information on each area is then sub-divided into residential and / or office real estate.
“We also supply information on prices for commercial property on a cost per sq m basis as well as average yields for rental property. This is vital information for investors and developers and when combined with actual build costs can quickly establish initially whether projects are financially viable or not. Previously it might have taken months to reach that point in the due diligence cycle,” added Robertson.