Saudi Arabian real estate follows Dubai, Abu Dhabi pattern: Report

Report indicates that Saudi Arabia is making giant strides in  Gulf real estate market, with Dubai and Abu Dhabi leading the pack in  region's property sector

International real estate consultancy firm, Colliers International, unveiled its Saudi Arabia Real Estate Overview.  The property report is a very elaborate overview of its kind about Saudi and gives comparative key performance indicators across four areas: Riyadh, Jeddah, Mecca and the Eastern Province. It also indicates that Saudi Arabia is making giant strides in the real estate market, with Dubai and Abu Dhabi leading the pack in the Gulf property sector.

Imad Damrah, Country Director Saudi Arabia, Colliers International said: "Saudi Arabia is an interesting market to watch because it has one of the most inwardly serving property sectors in the MENA region. 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 real estate report indicates that demand-supply equation will be 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).