{"id":51604,"date":"2017-04-12T00:30:09","date_gmt":"2017-04-11T17:30:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=51604"},"modified":"2017-04-11T22:50:05","modified_gmt":"2017-04-11T15:50:05","slug":"jll-foresees-watershed-year-for-saudi-property-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jll-foresees-watershed-year-for-saudi-property-market\/","title":{"rendered":"JLL foresees 'watershed year' for Saudi property market"},"content":{"rendered":"


\nSaudi Arabia’s property market faces a “watershed” year, according to JLL.The introduction of the new white land tax and the drive to create more affordable housing will be key drivers for the market said Craig Plumb, the regional head of research.”We predict there will be increased activity in the real estate sector through the public investment fund, the listing of further Reits [real estate investment trusts], taxation reforms and a series of public-private partnerships,” Mr Plumb said.The white land tax is a levy on undeveloped land. It is being rolled out in three of the kingdom’s biggest cities: Riyadh, Jeddah and Dammam. “That’s going to have quite a major impact on the market,” Mr Plumb said. “Some owners are going to seek to redevelop their land to avoid paying tax on it. “What that is going to do is encourage the supply of new properties. This policy is being aimed largely at increasing the supply of affordable housing.” Under Saudi Arabia’s National Transformation Plan, the kingdom is looking to double the contribution that property makes to its GDP to 10 per cent by 2020. It is also seeking to treble the percentage of residential units developed by “approved real estate developers” to 30 per cent.”Perhaps the biggest opportunity in the Saudi market is in respect of affordable housing,” Mr Plumb said. “The government is recognising that, it is trying to encourage more development of affordable housing across all parts of Saudi. That’s going to have major implications for developers, investors and operators.”JLL also published its Jeddah Real Estate Market Overview, which found that the general weakness in the Saudi economy, because of government cutbacks following the declining oil price, is also affecting all aspects of the city’s property market. Housing rents fell by 9 per cent quarter-on-quarter and 8.5 per cent year-on-year. In the commercial sector, 23,000 square metres of new space came on to the market, contributing to growing vacancy rates because of weak demand. Speaking on a conference call to investors last month, Fawwaz Al Khodari, the head of Dammam-based contracting company Al Khodari Sons, said that the white land tax has “triggered development on a lot of plots that would have otherwise been sitting there for decades doing nothing”. “This naturally is beginning to create activity, which obviously is positive for a contracting company like ours,” he said.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…JLL foresees ‘watershed year’ for Saudi property market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia’s property market faces a “watershed” year, according to JLL.The introduction of the new...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-51604","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dqk","jetpack-related-posts":[{"id":18028,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-property-market-needs-quarterly-rent-calculator-updates-says-jll\/","url_meta":{"origin":51604,"position":0},"title":"Dubai's property market needs quarterly rent calculator updates, says JLL","date":"June 29, 2016","format":false,"excerpt":"\r Dubai should revert to publishing quarterly updates in its rental calculator and introduce a citywide performance index to boost transparency in real estate markets, according to JLL's Mena head of research, Craig Plumb.The property consultancy has just produced its biennial Global Real Estate Transparency Index, which has seen Dubai\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2090,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shortage-of-saudi-homes-provides-scope-for-developers\/","url_meta":{"origin":51604,"position":1},"title":"Shortage of Saudi homes provides scope for developers","date":"January 21, 2016","format":false,"excerpt":"\r \r A shortage of homes avail\u00adable for Saudi Arabia\u2019s rapidly growing population means that there are opportunities for developers, despite the slowing economy.Several UAE developers and contractors have expanded in the kingdom in recent years, and although it is not always the easiest place to work, most remain positive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":420,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-twist-in-dubais-property-data-row\/","url_meta":{"origin":51604,"position":2},"title":"New twist in Dubai’s property data row","date":"December 22, 2015","format":false,"excerpt":"\r \r Reidin, Dubai\u2019s major property data provider, said yesterday that developers supplied just 9,397 units in 2015 \u2013 compared with start-of-the-year projections from other sources that 25,000 units would be handed over. This is the latest chapter in an argument between property developers and brokerages over the outlook for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52085,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/premium-property-can-lift-uae-and-saudi-economies-executives-say\/","url_meta":{"origin":51604,"position":3},"title":"Premium property can lift UAE and Saudi economies, executives say","date":"April 17, 2017","format":false,"excerpt":"\r Demand for premium, investment-grade property in the UAE and Saudi Arabia remains strong and an increase in supply could help to boost the region's economic outlook by fuelling greater deployment of capital into the sector, a survey found.According to a poll of more than 2,000 executives conducted exclusively for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14870,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/final-resting-place-draws-uk-investors\/","url_meta":{"origin":51604,"position":4},"title":"Final resting place draws UK investors","date":"May 30, 2016","format":false,"excerpt":"\r LONDON \/\/ Not only is the British capital struggling to house its living population, it is also facing a crisis in finding homes for its dead.Or at least that is the message certain enterprising property developers would have you believe. London burial plots are being touted as an unmissable\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":49821,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-real-estate-investment-trusts-expected-in-uae\/","url_meta":{"origin":51604,"position":5},"title":"More real estate investment trusts expected in UAE","date":"March 27, 2017","format":false,"excerpt":"\r The asset manager behind the UAE's second listed real estate investment trust expects more to follow.Emirates NBD Asset Management listed ENBD Reit on Nasdaq Dubai last week.\"There is room in the UAE for ten or twenty reits,\" said Anthony Taylor, fund manager of real estate for Emirates NBD Asset\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/51604"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=51604"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/51604\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=51604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=51604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=51604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}