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Marcopolis presents the Saudi Arabia Report focused on the investments, doing business, economy and other topics featuring interviews with key executives. The sectors under review in this issue are industry, real-estate, ICT, investments, banking sector, telecom sector and many more.
VideosDecember 06, 2022
From Residential Projects to Office Spaces: A Look at Riyadh’s Booming Real Estate Demand
- Published: December 06, 2022
Dr. Bader Al-Saedan, Managing Director of Al-Saedan Real Estate Co., discusses real estate trends in Riyadh and mentions current projects and developments.
"Over the last few years, there has been a lot of momentum and high demand on the residential projects. Before, we did not really focus as much on the residential projects, but in the last three years that has changed. Building residential is different than big communities, so it is diversified. For these projects, before even finishing the construction they are already sold because there is high demand in Riyadh. Of course, we also have projects ongoing and coming up in other areas. We have an agreement with Marriott International to build four hotels in Saudi Arabia. One is already completed in Riyadh, one is almost finished in Mecca, and another one is starting construction on the below ground level. Another one is still in the design phase. These are going to be huge projects. In Riyadh now, it is becoming a trend and there is a high demand for the high-end office spaces. We have already completed the Elegance Tower as a Class A office building. Now, we are in the design phase of a project for small, low-rise office buildings. Now, there is a really high demand in Riyadh city for the foreign companies that are moving to Riyadh to be their Middle East hub. This has created high demand for the office spaces and for the residential in the form of compounds. Expats often like to rent in a closed community", says Bader Al-Saedan.
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