Saudi Arabia’s mortgage boom surpasses USD16 billion, plus further updates

For PropertyGuru’s real estate news roundup, Saudi Arabia’s residential real estate market continues to thrive as apartment demand drives mortgage issuance beyond USD16 billion for the first nine months of 2024. In other news, the Metro Manila office market is showing signs of cautious recovery with the decline of Philippine Offshore Gaming Operators (POGOs). Lastly, Cambodia’s construction and real estate sectors are grappling with USD18 billion in debt as the industry experiences a post-pandemic downturn.

Saudi Arabia’s demand for apartments pushes new mortgages to over USD16 billion

Saudi Arabia’s residential real estate market continues to thrive as apartment demand drives mortgage issuance beyond USD16 billion for the first nine months of 2024. The surge reflects an ongoing shift towards urban living, with Riyadh and Jeddah leading in growth. Arab News reports that developers increasingly focus on apartment construction to cater to changing consumer preferences. The country’s Vision 2030 initiative has further stimulated the market by fostering economic diversification and urban development.

Cautious optimism in the post-POGO Metro Manila office market

According to analysts, the Metro Manila office market is showing signs of cautious recovery. The sector faced significant vacancies with the decline of Philippine Offshore Gaming Operators (POGOs). However, emerging sectors such as business process outsourcing (BPO) and flexible office solutions are driving renewed demand. According to BusinessWorld, Colliers Philippines noted that while the recovery is uneven, developers are adjusting strategies to attract tenants, including offering competitive rental rates and sustainable building designs.

Cambodia’s construction and real estate debt hits USD18 billion amid post-pandemic decline

Cambodia’s construction and real estate sectors are grappling with USD18 billion in debt as the industry experiences a post-pandemic downturn. As per The Phnom Penh Post, challenges include lower foreign investment, reduced demand for luxury properties, and stricter loan terms. The sector’s growth has slowed compared to its pre-pandemic boom, prompting calls for policy reforms and incentives to stimulate recovery. The Ministry of Economy and Finance is monitoring the situation closely to prevent broader economic impacts.

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