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SAUDI ARABIA REAL ESTATE MARKET REVIEW Q1 2020 Office Market Review - Q1 2020 Residential Market Review - Q1 2020

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SAUDI ARABIA REAL ESTATE MARKET REVIEW Q1 2020 Office Market Review - Q1 2020 Residential Market Review - Q1 2020 SAUDI ARABIA REAL ESTATE MARKET REVIEW Q1 2020 Office Market Review - Q1 2020 Residential Market Review - Q1 2020 Riyadh Jeddah DMA Riyadh Jeddah DMA Rents in Riyadh’s office market registered Jeddah’s office market performance remained The Dammam Metropolitan Area’s (DMA) office Residential apartment and villa sales prices in Residential apartment and villa sales prices in Jeddah Residential apartment and villa sales prices in the fragmented performance in the year to Q1 2020, with subdued in the year to Q1 2020, with Grade A rents market continued to soften in the year to Q1 2020, Riyadh increased by 4.2% and 6.3% respectively in increased by 6.1% and 3.1% respectively in the year Dammam Metropolitan Area (DMA) increased by Grade A rents remaining static at 1,458 SAR/sqm, falling by 6% to 1,038 SAR/sqm, whilst Grade B rents with Grade A rents falling by 3% to 933 SAR/sqm, the year to Q1 2020. This trend has been driven by to Q1 2020. This trend has been underpinned by the 4.4% and 3.4% respectively in the year to Q1 2020. whilst Grade B rents declined marginally by 2% to declined by 7% to 714 SAR/sqm. whilst Grade B rents declined by 6% to 624 SAR/sqm. various government initiatives such as the expansion Sakani affordable housing program and regulatory This trend has been underpinned by the positive 765 SAR/sqm. of the mortgage market and increased private sector efforts by the government to expand the mortgage market sentiment achieved as a result of government The vacancy rate across Grade A office space The vacancy rates across Grade A office space participation in the housing market. market. initiatives to support the residential sector. Vacancy rates across Grade A office space decreased increased by four percentage points from Q1 2019 increased by three percentage points from Q1 2019 by five percentage points from Q1 2019 to reach 5% in to reach 16% in Q1 2020, whilst the Grade B vacancy to reach 28% in Q1 2020, whilst the Grade B vacancy Meanwhile, with respect to residential transactions, Over the same period, the volume of residential Over the same period, the volume of residential Q1 2020, whilst the Grade B vacancy rate decreased rate increased by seven percentage points to reach rate increased by four percentage points to reach the total volume and value of residential transactions transactions decreased by 8%, whilst the total value transactions saw a decline of 9%, whilst the total by two percentage points to reach 28% over the same 28% over the same period. 37% over the same period. declined equally by 22% over the same period. of residential transactions rose by 4%. value of residential transactions rose by 14%. period. Jeddah’s office market witnessed the delivery of The DMA’s office market registered the delivery As at Q1 2020, Riyadh’s housing stock is estimated to As at Q1 2020, Jeddah’s housing stock is estimated Approximately 3,000 residential units were In Riyadh, there were no major office completions in around 19,000 sqm GLA of office space in Q1 2020, of one major project, adding 37,800 sqm of GLA, total 1.25 million units and is expected to increase to to total 840,000 units and is expected to increase delivered during Q1 2020, bringing the total supply Q1 2020, leaving the total office stock unchanged at this addition brings the total office stock to 1.23 bringing total office stock to 1.16 million sqm GLA 1.34 million units by the end of 2022. The majority of to 872,000 units by the end of 2022. The majority to 328,000 units, this total is expected to increase 3.99 million sqm GLA. Looking ahead, total stock is million sqm GLA. By 2022, this is expected to reach as at Q1 2020. By 2022, this is expected to reach an this supply comprises apartments and townhouses, of upcoming supply in Jeddah is focused towards to 348,000 units by the end of 2022. The majority expected to reach an estimated 5.11 million sqm GLA an estimated 1.68 million sqm GLA. estimated 1.47 million sqm GLA. a move that matches the changing design and middle-income housing, with north Jeddah of this incoming supply comprises high quality by end of 2022. affordability requirements in the capital. increasingly seeing the majority of development apartments and townhouses. activity. Key trends Performance Indicators Key trends Performance Indicators Grade A and B rental rates and YoY % change as at Q1 2020 Villas & apartment sales prices and YoY % change as at Q1 2020 Riyadh Jeddah DMA Riyadh Jeddah DMA PERMIT 1,458 765 1,038 714 933 624 3,802 3,285 5,507 3,703 3,532 2,950 SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm In line with the Vision 2030 targets to The Saudi Arabian General Investment increase home ownership from 62% to Authority (SAGIA) issued 305 new licences 70% in 2030, Saudi Arabia’s first mortgage for foreign investors to operate across the Grade A Grade B Grade A Grade B Grade A Grade B refinancer firm (SRC) plans to buy SAR 23 Kingdom in Q4 2019, compared to 238 new billion worth of mortgages from banks in 6.3% 4.2% 3.1% 6.1% 3.4% 4.4% licences during the same quarter in 2018. 0% -2% -6% -7% -3% -6% Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y 2020, a ten-fold increase from its current holdings of home-loan portfolios. Villa Apartment Grade A and B vacancy as at Q1 2020 YoY % change in the volume and value of residential transactions as at Q1 2020 Riyadh Jeddah DMA Riyadh Jeddah DMA 5% 28% 16% 28% 28% 37% As a result of ambitious efforts by SAGIA, through the Invest Saudi brand, to promote Saudi Arabia’s government is actively working Volume Volume Volume the Kingdom’s competitive and open business with local and international developers to cater -22% -8% -9% environment, a total of 1,131 new international the increasing need for affordable housing firms set up operations in the Kingdom in from mid-income households. In January the -5.0 pp -2 pp 4.0 pp 7.0 pp 3.0 pp 4.0 pp government signed an agreement with Katerra 2019. This represents a 54% increase Value -22% Value 4% Value 14% compared to 2018. Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y to build 8,000 homes in the Kingdom. $ $ $ Grade A Office Grade B Office Occupancy Vacancy Evolution of residential supply Evolution of commercial supply 1,254 Riyadh The Kingdom’s workspace requirements 3,999 Riyadh are shifting from traditional office spaces Data from the Saudi Arabian Monetary 840 Jeddah to a more tech-savvy, elegantly designed Authority (SAMA) revealed that the volume 1,235 Jeddah and flexible environment. As Saudi Arabia’s of new residential mortgages for individuals, economy continues to diversify, its workplace provided by banks and financial institutions, 328 DMA needs are shifting where more collaborative 1,162 DMA increased by 238% in the year to Q4 2019, up and flexible workspaces will be required from the 102% growth rate recorded in Q3 2019. 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 going forward. 200 500 800 1,100 1,400 1,700 2,000 2,300 2,600 2,900 3,200 3,500 3,800 4,100 4,400 4,700 5,000 5,300 5,600 Q1 2020 2020f 2021f 2022f Thousand units Q1 2020 2020f 2021f 2022f Thousand Square Metres Source: Knight Frank Research Source: Knight Frank Research Retail Market Review - Q1 2020 Hospitality Market Review – Q1 2020 Riyadh Jeddah DMA Riyadh Jeddah DMA Rents in Jeddah’s retail market continued to soften Market performance in Riyadh’s retail market The DMA’s retail market registered a mix of market Despite a sharp drop in performance in March 2020, ADRs in Jeddah fell y-o-y by 3.5% in the year to date In the year to date March 2020, ADRs in the DMA in the year to Q1 2020, with average regional/ super- remains fragmented in the year to Q1 2020, with performances in the year to Q1 2020, where average year to date RevPAR levels in the capital were 8.6% March 2020, whilst occupancy decreased by 1.4 fell y-o-y by 1.2% , whilst occupancy decreased by regional mall rents falling by 3% to 2,870 SAR/ sqm, average regional/ super-regional mall rents regional/ super-regional mall rental rates increased higher in the first quarter of the year than they were in percentage points. As a result, marketwide RevPAR 1.5 percentage points. In turn, RevPAR decreased whilst average community mall rents fell by 4% to remaining stable at 2,764 SAR/sqm, whilst average marginally by 1% to reach 2,357 SAR/sqm, whilst Q1 2019. The strong KPIs during the early part of the levels decreased y-o-y by 6.3%. Given the strict y-o-y by 3.7%. With the closure of both King Fahd reach 1,785 SAR/sqm.
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