Knight Frank, a global real estate consultancy, has opened an office in Riyadh in a move to expand its footprint in the region.
Stefan Burch, general manager, Knight Frank Saudi Arabia, expects 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. This is important and investors will respond positively to this development,” he added.