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Saudi Arabia Market Review SAUDI ARABIA REAL ESTATE MARKET REVIEW Q4 2020 Office Market Review - Q4 2020 Residential Market Review - Q4 2020 Riyadh Jeddah DMA Riyadh Jeddah DMA Riyadh’s office market performance continued to Rental performance in Jeddah’s office market The Dammam Metropolitan Area’s (DMA) office Riyadh’s residential market registered fragmented In Jeddah, in the year to Q4 2020, average residential In the year to Q4 2020, residential market soften in the year to Q4 2020, with Grade A rents remained subdued in the year to Q4 2020, where market performance continued to soften in the year performances in the year to Q4 2020, with residential apartment sales prices decreased by 2.0% to SAR performance remained fragmented in the Dammam falling marginally by 0.7% to SAR 1,450 per sqm, Grade A and Grade B rents fell by 4.2% and 8.0% to Q4 2020, with Grade A rents falling by 4.8% to SAR apartment sales prices increasing by 1.6% to an 3,721 per sqm. Average villa prices fell by 3.1% to SAR Metropolitan Area (DMA), where residential whilst Grade B rents declined by 2.9% to SAR 745 respectively. On average, Grade A rents were 906 per sqm, whilst Grade B rents declined by 8.6% average of SAR 3,317 per sqm, whilst residential villa 4,859 per sqm over the same period. apartment sales prices increased on average by 0.8% per sqm. recorded at SAR 1,000 per sqm and Grade B rents at to SAR 602 per sqm. prices decreased by 2.0% to SAR 3,700 per sqm over to SAR 2,930 per sqm, whereas average residential Residential transaction volumes and values in SAR 688 per sqm. the same period. villa sales prices fell by 5.1% to SAR 3,235 per sqm. The vacancy rate for Grade A office space increased The vacancy rate for Grade A office space increased Jeddah increased by 17% and 16% respectively in the by one percentage point from Q4 2019 to reach 7% in The vacancy rate across Grade A office spaces by one percentage point from Q4 2019 to reach With respect to residential transactions, the total year to Q4 2020, a trend driven by a notable increase Over this period, the volume of residential Q4 2020, whilst the Grade B vacancy rate increased increased by two percentage points from Q4 2019 to 25% in Q4 2020, whilst the Grade B vacancy rate volume of residential transactions increased by 11%, in the uptake of mortgages provided by banks and transactions saw a decline of 9%, whilst the total by three percentage points to reach 31% over the reach 16% in Q4 2020, whereas the Grade B vacancy increased by two percentage points to reach 39% whilst the total value of residential transactions financial institutions. value of residential transactions increased by 3%. same period. rate increased by four percentage points to reach over the same period. declined by 6% in the year to Q4 2020. As at Q4 2020, Jeddah’s housing stock is estimated As at Q4 2020, the DMA’s housing stock is estimated 30% over the same period. Q4 2020 saw the completion of several office In Q4 2020, we have seen the completion of one As at Q4 2020, Riyadh’s housing stock is estimated to total 849,000 units and is expected to increase to total 334,000 units. This total is expected to developments, which added approximately 140,000 The fourth quarter of 2020 saw the completion of two major development, Al Hugayet tower, which added to total 1.28 million units and is expected to increase to 890,000 units by the end of 2023. The majority increase to 358,000 units by the end of 2023. The sqm of GLA to the market. These additions bring the office developments, which added around 27,000 around 45,000 sqm of GLA to the market. This to 1.37 million units by the end of 2023. In Q4 2020, of upcoming supply in Jeddah is focused towards majority of this incoming supply comprises high total office stock to 4.21 million sqm GLA. By 2023, sqm of GLA to the market. These additions bring the addition brings the total office stock to 1.23 million we have seen the delivery of a significant quantum middle-income housing, with North Jeddah quality apartments and townhouses. supply is expected to reach an estimated 5.25 million total office stock to 1.26 million sqm GLA. By 2023, sqm GLA. By 2023, supply is expected to reach an of residential units which had been delayed due to increasingly seeing the majority of development sqm GLA. supply is expected to reach an estimated 1.75 million estimated 1.47 million sqm GLA. lockdown measures in place during 2020. activity. sqm GLA. Performance Indicators Performance Indicators Key trends Key trends Grade A and B rental rates and YoY % change as at Q4 2020 Villa & apartment sales prices and YoY % change as at Q4 2020 Riyadh Jeddah DMA Riyadh Jeddah DMA 1,450 745 1,000 688 906 602 3,700 3,317 4,859 3,712 3,235 2,930 SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm SAR/Sqm Saudi Arabia’s Ministry of Investment granted According to data from the Saudi Central Bank, 812 foreign investment licences during the the volume of new residential mortgages for first nine months of 2020, compared to 840 individuals provided by banks, increased by licences during the same period a year earlier. Grade A Grade B Grade A Grade B Grade A Grade B 86% to SAR 120.78 billion in the first eleven This slowdown was largely underpinned by months of 2020. This marked increase in -2.0% 1.6% -3.1% -2.0% -5.1% 0.8% the sharp slowdown in issuance in Q2 2020, -0.7% -2.9% -4.2% -8.0% -4.8% -8.6% Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y take up of mortgages is underpinned by the where issuance fell by 47% on an annual basis. Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Saudi Arabian government’s aims to increase Whereas, in the year to Q3 2020, the number homeownership in the Kingdom to 70% as part Villa Apartment of foreign investment licences issued in the Grade A and B vacancy as at Q4 2020 of its Vision 2023 targets, up from 50% in 2018. Kingdom increased by 20%. YoY % change in the volume and value of residential transactions as at Q4 2020 In November, the breakdown of mortgage loans Riyadh Jeddah DMA showed that mortgages for villas represented 81% of total financing, with the remainder being Riyadh Jeddah DMA 7% 31% 16% 30% 25% 39% used to purchase apartments and land plots. Volume 11% Volume 17% Volume -9% In a bid to increase the number of international -1 pp -3 pp -2 pp -4 pp -1 pp -2 pp corporates in the Kingdom, the Saudi Arabian Value -6% Value 16% Value 3% Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y government has launched a marketing program $ $ $ dubbed Program HQ. The program intends Grade A Office Grade B Office Occupancy Vacancy to persuade international firms to relocate Evolution of residential supply regional headquarters to Riyadh. Under this Evolution of commercial supply The recent decision to exempt real estate initiative, authorities are offering a broad range transactions from 15% VAT and the introduction of incentives to blue-chip companies such as of a lower property tax, has helped to boost those operating in the fields of IT, Finance activity in the residential market. The and Oil Services. The initiative aims to bolster 4,218 Riyadh 1,281 Riyadh introduction of a dedicated property tax will foreign investment into the Kingdom and in be beneficial to end-users and developers, 850 Jeddah turn support the government’s Vision 2030 1,265 Jeddah and help the government achieve its aim of goal which aims to establish the Kingdom as increased levels of homeownership and private 334 DMA a regional business hub. Incentives offered 1,232 DMA participation in the real estate sector. under this program include a 50- year tax 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 holiday, waiving quotas on Saudization quotas 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 and guarantees of protection against future 2020 2021f 2022f 2023f Thousand units 2020 2021f 2022f 2023f Thousand Square Metres regulations. Source: Knight Frank Research Source: Knight Frank Research Retail Market Review - Q4 2020 Hospitality Market Review – Q4 2020 Riyadh Jeddah DMA Riyadh Jeddah DMA Market performance in Riyadh’s retail market Rents in Jeddah’s retail market continued to soften The DMA’s retail market softened across all segments Average daily rates in Riyadh softened by 8.9% in the In Jeddah, ADRs fell y-o-y by 34.7% as of year to Despite the challenges faced with the global softened in all segments in the year to Q4 2020, in the year to Q4 2020, with average regional and in the year to Q4 2020, where average regional and year to December 2020, whilst occupancy decreased date December 2020, whilst occupancy decreased pandemic, DMA’s tourism market was the most with average regional and super-regional mall rents super-regional mall rents falling by 2.7% to SAR super-regional mall rental rates fell by 2.6% to reach by 11.1 percentage points.
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