With a young population and a nation undergoing wide ranging reform, the provision of new residential communities and their affordability has become a topic of great importance. To this end we explore some of the challenges facing the residential sector with a focus on the provision of the value add services of healthcare and education.
The Riyadh Metro is one of the key infrastructure projects being implemented in Saudi Arabia and which is set to dramatically alter the dynamics of both residential and commercial real estate markets when delivered.
While most hospitality markets in the GCC are driven by traditional demand supply mechanics, Makkah – for which religious visitation makes up the majority of demand – works slightly differently, with government quotas and capacity constraints determining tourist flows. In terms of Hajj visitation, a variety of factors have affected tourist numbers between 2013 and 2016, but the past two years have been far more positive. During this period, Hajj visitation exceeded the 2.3 million mark in consecutive years for the first time since 2012.
Healthcare is one of the focus areas of Vision 2030 and the National Transformation Plan (NTP). The main goal is to diversify the economy away from hydrocarbons and trigger a greater participation of the private sector by encouraging both local and international investments in a number of key sectors, one of which is healthcare.
Over the past few years Knight Frank's Global Cities has documented the growing focus by city authorities and private developers on creating true mixed-use environments, those that aim to provide seamlessly for living, working and leisure.