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13-02-23

Deloitte estimates UAE, KSA housing market to expand this year

(MENAFN) Saudi Arabia's housing market is higher for optimistic expansion this year, with the post-epidemic regain of the tourism industry being the vital indicator within the hospitality industry, issued the most recent report from worldwide consultancy firm Deloitte.

Indicating the upbeat attitude in the real estate market, Deloitte’s ninth yearly Middle East Real Estate Predictions this year report estimates a surge in hotel occupancy and average day to day rates throughout the last year.

The report pointed out that the vital expansion of Saudi Arabia’s gross domestic output is making it between the most attractive worldwide destinations for financers.

“As global economies fully re-open post pandemic, we predict continued growth in the Saudi Arabian real estate market throughout 2023,” according to Stefan Burch, partner and chief of real estate at Deloitte Middle East.

He continued: “While 2022 saw record levels of demand for commercial office space as a result of ‘Program HQ’, 2023 looks set to be dominated by the delivery of high-quality residential-led mixed-use schemes and a continued focus on tourism, leisure, and entertainment projects.”

Between the vital findings, the report also supplies an optimistic forecast for Dubai’s real estate market in 2023.

Oliver Morgan, partner and chief of improvement in Deloitte’s real estate team in the Middle East, also said: “In Saudi Arabia, there continues to be excess demand across all residential sectors. Riyadh and Dubai continue to be attractive commercial markets as occupiers search for growth away from the Far East and Europe.”

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