Saudi Arabia’s real estate market set to benefit from major tourism projects and reforms, says JLL
KSA, 30 October 2019: The recent launch of international tourist e-visas in Saudi Arabia, as part of Vision 2030 initiatives to boost tourism and increase global competitiveness, is set to have a positive long term impact on the Kingdom’s real estate market, outlines JLL’s latest Q3 market reports.
In efforts to diversify the economy away from oil the government launched tourism giga-projects across the Kingdom and most recently new E-Visas for 49 countries to boost international visitor arrivals. These major initiatives and ongoing reforms are set to shape a more diverse hospitality landscape, stimulating real estate development and new investor opportunities.
“With the Kingdom opening up to more international tourism there is a positive long-term outlook for the hotel sector in particular, with the pipeline expected to grow in the next 12 months on the back of continued investments in infrastructure and the entertainment and tourism developments,” said Dana Salbak, Research Director, JLL MENA.
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