{"id":38277,"date":"2024-06-28T13:00:32","date_gmt":"2024-06-28T06:00:32","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=38277"},"modified":"2024-06-28T12:59:43","modified_gmt":"2024-06-28T05:59:43","slug":"news-roundup-saudi-arabias-housing-market-resilient-despite-slowdown-plus-other-updates","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/news-roundup-saudi-arabias-housing-market-resilient-despite-slowdown-plus-other-updates\/","title":{"rendered":"News roundup: Saudi Arabia\u2019s housing market resilient despite slowdown, plus other updates"},"content":{"rendered":"
\"\"
Media Whale Stock\/Shutterstock<\/figcaption><\/figure>\n

For PropertyGuru\u2019s real estate news roundup, Saudi Arabia\u2019s housing market continued to show resilience in the third quarter of 2023. In other headlines, retail rents in Dubai and Abu Dhabi have risen by double digits in recent months. Aboitiz Data Innovation seeks to increase its offerings of artificial intelligence (AI)-powered solutions across Asia.<\/p>\n

Saudi housing market resilient despite slowdown<\/b><\/p>\n

In a recent industry report, Saudi Arabia\u2019s housing market continued to show resilience, achieving an impressive SAR45.9 billion (USD12.23 billion) worth of transactions in the third quarter of 2023.<\/p>\n

The CBRE report also revealed that the total number of transactions recorded reached 61,473 transactions.<\/p>\n

CBRE\u2019s study showed a noteworthy surge in apartment prices, particularly in the capital city. Riyadh experienced significant growth of 16.1 percent, with average apartment prices reaching SAR4,780 per square meter. This reflects the robust market demand in the capital.<\/p>\n

Taimur Khan, head of Middle East Research at CBRE, provided insights into the contrasting dynamics in the Saudi housing market. He stated in Economy Middle East<\/a>: \u201cWith the exception of Jeddah, Saudi Arabia\u2019s residential market posted yearly price increases in all tracked cities in Q3 2023 across both the villa and apartment segments.\u201d<\/p>\n

Retail rents in Dubai and Abu Dhabi surge by double digits<\/b><\/p>\n

Retail rents in Dubai and Abu Dhabi have risen by double digits in recent months due to high demand and limited availability of quality stock.<\/p>\n

PropertyNews.ae<\/a> reports that according to CBRE Middle East, rents in the UAE capital rose 14.7 percent in the first quarter of the year, while in Dubai they rose 10.5 percent.<\/p>\n

According to the real estate services firm, some of the demand is coming from foreign retail brands looking to enter the local market, particularly in Dubai. There is also strong demand from the food and beverage industry.<\/p>\n

\u201cThe supply-and-demand imbalance in both Abu Dhabi and Dubai continues to drive rental performance,\u201d CBRE said.<\/p>\n

\u201cWe are seeing an increase in the number of global and international retail brands looking to establish or expand in Dubai\u2019s core locations despite the limited availability of stock and elevated occupancy levels.\u201d<\/p>\n

Aboitiz Data Innovation eyes to expand offerings of AI solutions<\/b><\/p>\n

Aboitiz Data Innovation (ADI) targets to increase its offerings of artificial intelligence (AI)-powered solutions across Asia, its top official said. The Singapore-based startup company has a presence in Hong Kong, Malaysia, Thailand, and Azerbaijan, together with its collaboration with the Aboitiz Group in the Philippines.<\/p>\n

\u201cOur effective focus and growth are in Asia, establishing the Philippines as our base of operations in creating formulation of how to make it work and bringing that\u2026 to markets that we operate in \u2014 commercial service, industrial, and the public sector as well,\u201d ADI Chief Executive Officer David R. Hardoon told BusinessWorld<\/a>.<\/p>\n

ADI wants to become the \u201cgo-to partner\u201d for AI solutions in the Philippines in 10 years, Mr. Hardoon said, and \u201ctruly believes\u201d local firms are ready to adopt new technologies.<\/p>\n

The Property Report editors wrote this article. For more information, email: <\/i>propertyreport@propertyguru.com<\/i><\/a>.<\/i><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Resilient Saudi housing market, Dubai retail rents surge, Aboitiz\u2019s foray into AI solutions<\/p>\n","protected":false},"author":12,"featured_media":38278,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[215,141,650,3802,638,3989,238],"class_list":["post-38277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-asia","tag-dubai","tag-housing-market","tag-news-roundup","tag-real-estate","tag-retail-rentals","tag-saudi-arabia","news_country-asia","news_country-dubai","news_country-saudi-arabia","news_author-property-report"],"acf":[],"yoast_head":"\nNews roundup: Saudi Arabia\u2019s housing market resilient despite slowdown, plus other updates | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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