Property rents soar in Saudi Arabia, analyst report shows
Property Wire | 9.5.12
Residential property rents in Saudi Arabia’s main cities have increased by up to 15% in some locations in the first six months of the year.
The latest analysis report from real estate consultants CBRE explains that an increasing population and a rapid rise in per capita GDP has led to soaring rents.
There has been a 2.8% population growth and strong oil revenues in 2011 have resulted in Saudi Arabia’s per capita gross domestic product (GDP) increase by 25%.
As a result, residential rental rates for villas in Riyadh increased by around 10% in the first half of 2012 and apartment rents were up around 15% in the same period.
In Jeddah, demand for low cost housing saw the government launch t