Market review of Saudi Arabia's real estate market covering the office, hospitality and residential sectors. 

Key takeaways from the report include: 

  • Non-oil GDP grew by 8.4% in the year to Q3 2021
  • As at Q2 2021, the headline Saudi national unemployment rate stood at 11.3%, down from 15.4% a year earlier
  • Average quarterly PMI reading increased to 56.2 in Q3 2021, up from 56.0 a quarter earlier
  • Grade A office rents in Riyadh have increased by 8.1% in the year to Q3 2021
  • Residential transaction volumes in Saudi Arabia fell by 21.1% in the year to Q3 2021
  • In Riyadh, total transaction volumes increased by 9.7% in the 12 months to Q3 2021. Over this period, average apartment and villa prices increased by 14.9% and 8.5% respectively
  • In the hospitality market, the average occupancy rate in Saudi Arabia fell by 3.4 percentage points year-on-year in the year to date to September 2021.
  • This decline in occupancy has been underpinned by declining occupancy levels in Makkah and Medina, which saw occupancy fall by 11.0 and 1.1 percentage points.