Residential Market In Jeddah Will See Homes Added Between 2020 And 2021
The private market in Jeddah will see 14,000 homes included somewhere in the range of 2020 and 2021 even as the development nearby likewise quieted execution from the hospitality, business, and retail portions, JLL said in its KSA Real Estate Market Mid-Year Review 2019 report.
Jeddah recorded the conveyance of the 176-unit Bayat Plaza Tower 1 on Madinah Road in Q2 2019, with Tower 2 of the undertaking expected to be built and delivered before the current year is over. The projects included the 122-unit Al Tawheed Tower; the 283-unit Emaar Residences Abraj Al Hilal 3 inside Jeddah Gate; and Phase 1 of Manazil Al Safa are among the arranged conveyances for 2019. Office space request likewise watched a descending pattern in Jeddah during H1 2019 as business action eased back in the city, as per JLL.
While no major office projects were completed in Q2 2019, developments such as Al Rawdah Business Avenue, Cairo Plaza, Vision Tower, Signature and Sara Square, and Corniche Centre are expected to be completed later this year, JLL said. Jeddah’s retail sector continued to see a slow movement on the back of slow progress on mall completions in Q2.
However, with the expected completion of Jeddah Park and Serafi Mall, the city’s gross leasable area in the retail segment is expected to grow by 24.7ha in H2 2019 and 2020. Hotel occupancy in Jeddah reached 53% in May 2019, down from 54% in the same period last year.
The launch of the Ibis Jeddah Malik Road hotel in Q2 2019 led to the addition of 180 keys to the city’s market during the period. H2 2019 will see 1,000 hotel keys delivered in Jeddah through the launch of Ibis Jeddah Alesayi Plaza, Jeddah Marriott in Al Bawadi, Crowne Plaza Jeddah, and Park Inn by Radisson Madinah Road.
News Source: JLL Report
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