Riyadh and Jeddah are reshaping Saudi Arabia’s lifestyle retail sector; and other news

For PropertyGuru’s real estate news roundup, Riyadh and Jeddah are spearheading a transformative shift in Saudi Arabia’s lifestyle retail sector. In other headlines, Thailand’s Finance Ministry is considering amending tax laws on income from foreign investments to lure Thais to repatriate funds and lift domestic investment. Lastly, the second of two parts in Outlook 2025: APAC’s major residential property markets are facing mixed prospects for the year ahead.

Riyadh and Jeddah to see 394,900 square meters of new lifestyle retail space by 2027: Report

Riyadh and Jeddah are spearheading a transformative shift in Saudi Arabia’s lifestyle retail sector, reshaping the retail landscape with 394,900 square metres of upcoming lifestyle retail developments that include food and beverage outlets, entertainment options, and vibrant public spaces, all scheduled for completion by 2027, according to Knight Frank’s Riyadh and Jeddah Lifestyle Retail Market Review. Faisal Durrani, partner – head of Research, MENA, states in Economy Middle East: “Fueled by the transformative ambitions of Vision 2030, Saudi Arabia’s lifestyle retail market has been undergoing a remarkable evolution since 2021, with Riyadh and Jeddah alone adding over 148,400 square metres of new retail space in the last two years.

Thailand tax rejig possible for foreign investment

The Finance Ministry is considering amending tax laws on income from foreign investments to lure Thais to repatriate funds and lift domestic investment, Bangkok Post reports. Speaking at the 33rd-anniversary event of One Asset Management yesterday, Finance Minister Pichai Chunhavajira noted Thais earning income from abroad are currently required to pay income tax when bringing those funds into the country. He said he is reviewing this law to encourage more Thais to repatriate their earnings. He said many Thais invest abroad and when those earnings are repatriated, they are subject to taxation. “The taxation of foreign income brought into the country was amended to align with OECD regulations,” said Mr Pichai.

Outlook 2025: Mixed prospects for residential property around the Asia Pacific region (part 2)

Interest rates, government policy and the shifting of supply and demand will impact residential real estate markets around Asia. Savills Prospects looks at the outlook for the year ahead in some of the region’s major markets.

• The outlook for China’s residential market remains mixed and uncertain. China is a vast market, and different regions are experiencing varied dynamics.
• Japan multifamily residential has been at the top of global investor’s sector picks for the Asia Pacific region for some time; however, at present there is something of a bifurcation between those who are still targeting acquisitions and those on the sidelines.
• Population growth and a booming economy sent Australia’s residential market rocketing before the rising interest rate cycle, but it is becoming more stable.

The Property Report editors wrote this article. For more information, email: [email protected].