Riyadh, Saudi Arabia: Knight Frank
Knight Frank, a global real estate consultancy, continues to expand its footprint in the Middle East. Having provided advisory services to a number of corporate & government organisations, as well as private individuals, in Saudi Arabia and the rest of the globe over the past 110 years, Knight Frank are pleased to announce the opening of their Riyadh office.
With strong fundamentals, increasing urbanisation and a healthy non-oil sector, Saudi Arabia is the largest market in the GCC in terms of both GDP and population. This in turn has led to increasing demand for real estate across most sectors, from residential to hospitality.
As the population continues to grow and the government looks to implement reforms in the real estate sector, we anticipate continued interest in the kingdom from overseas investors. This is borne out by the number of international clients searching for high-quality office space, while regional investors focus on residential real estate investment.
Stefan Burch, General Manager of Knight Frank Saudi Arabia adds, “We expect demand for real estate in the kingdom to continue to grow in the short to medium-term. With widespread reforms, such as foreign ownership of shares on the stock market and the government’s drive for greater transparency in the real estate sector, Saudi Arabia looks set to benefit from additional capital inflows, despite headwinds from lower oil prices.”
While it is too early to judge the final impact of the proposed tax on white land, it does signal the government’s appetite to engage with issues related to urban regeneration and future development. We believe that this is important and that investors – both domestic and international alike – will respond positively to this development.
For further information, please contact:
Stefan Burch, GM KSA, Knight Frank, +966 5308 93297, StefanBurch@me.knightfrank.com
Abdullah Aldahmash, Senior Consultant, KSA, Knight Frank, +966 55 0706 396, Abdullah.Aldahmash@me.knightfrank.com
Notes to Editors
Knight Frank has a strong presence in the Middle East with offices in Abu Dhabi, Dubai and Saudi Arabia. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants.
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and together with its New York-based global alliance partner, Newmark Grubb Knight Frank, operate from over 370 offices, in 55 countries, across six continents and has over 12,000 employees. For further information about the Company, please visit www.knightfrank.com or www.knightfrank.ae