MENA House View - June 2009. Jones Lang Lasalle

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MENA House View - June 2009

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In recognition of its growing regional importance, this edition of our MENA House View focuses on Saudi Arabia's real estate market.

Our major findings are:

The greatest opportunity for investors and developers lies in the area of affordable housing. With Saudi Arabia facing a potential shortage of up to one million housing units over the next three years, there is clear demand for quality residential accommodation at an affordable price;
Affordability remains the key challenge if the undoubted latent demand for additional housing is to be converted to actual demand and increased sales activity. There is currently a pricing mismatch between what the market is delivering and what most potential purchasers can afford to pay for their housing;
Saudi Arabia is expected to be one of the strongest performing real estate markets in the MENA region over the next 12-24 months;
Investors expect Saudi Arabia to be the first market in MENA to recover – with more than 50% expecting an improvement in market conditions over the next 12 months.