Colliers launches pioneering Saudi Arabia Real Estate Overview

The pioneering report is the most comprehensive country overview of its kind and provides comparative key performance indicators across four areas: Riyadh, Jeddah, Mecca and the Eastern Province.

According to the report the demand-supply dynamic remains very positive, with robust economic growth patterns set to continue, underpinned by high oil prices and rapid industrial expansion promoted by accession to the World Trade Organisation (WTO).

While Dubai and Abu Dhabi remain the region's largest property centres, Saudi Arabia is emerging as the real estate market to watch. Although perception of the country is mixed with regards to accessibility for investors, the kingdom's continuing efforts at refining its investment environment earned it the top regional ranking in the World Bank's 2009 Doing Business Report.

"Saudi Arabia is an interesting market to watch because it has one of the most inwardly serving property sectors in the MENA region,"

said Imad Damrah, Country Director Saudi Arabia, Colliers International.

"With a quarter of the world's total oil reserves, the government is in an excellent position to diversify economic activity as epitomised by the launch of four economic cities with two more to follow shortly. The kingdom remains a prime opportunity for investors and developers offering the largest market in the GCC and a population set to grow from 25 million to 33 million by 2020," he added.

According to Colliers, Saudi Arabia offers growth potential across all industry sectors and an encouraging outlook for the future. It says the opportunities in the kingdom are being fueled by strong demographic and economic drivers, a general lack of supply across retail, residential, commercial and hospitality sectors, coupled by the government's determination to diversify the economy and promote investment leads.