Occupancy rate of luxury offices in Riyadh hits 98%: Knight Frank

Faisal Durrani, Knight Frank's Head of Research, MENA

Occupancy rate of luxury offices in Riyadh reached 98%, one of the highest rates in the world, Asharq News reported, citing Faisal Durrani, Knight Frank's Head of Research, MENA.

Legislation amendments were viewed positively by markets, Durrani said, noting that among the most significant amendments that took place earlier this year and had an impact on the real estate market was granting premium residency to owners of real estate with a minimum of SAR 4 million.

Some cities such as Makkah and Madinah receive strong demand from the rich people in the world for real estate assets, Durrani said.

He added that other legislation stipulating the granting of real estate developers with licenses would significantly support Saudi Arabia and help it reach 660,000 new housing units by 2030.