Saudis confident in property market, but want better infrastructure
The YouGov survey found that 58 percent of those asked believed that at the very least, property prices would remain constant
Saudi property prices are expected to increase in the next two years according to a survey carried out in Jeddah last month – but many believe there was a need for better infrastructure in the kingdom.
The YouGov survey found that 58 percent of those asked believed that at the very least, property prices would remain constant at least until 2017, and 36 percent said they believed the proposed transport plans - which include a cross-GCC rail network were one of the main influences to the positive prices.
But more than a quarter of those questioned said that hospitals remained high on Jeddah’s wish list.
YouGov Managing Director in Saudi Arabia, Mo Alam said: “Our findings highlight that the citizens of Saudi Arabia require infrastructure to support a community and not just the provision of housing stock.
“Hospitals, schools, supermarkets and recreation facilities will all need to be developed to foster a sense of community and belonging. With almost half of all respondents believing property prices will inflate further over the next two years, the government and banks will need to work hard to educate property buyers and provide appealing residential finance programs to assist with their housing purchases."
The survey was answered by people from Riyadh, Jeddah, as well as Dammam, Khobar, Makkah, Madinah, Abha, Tabuk and Taif.
The full report will be published at Cityscape Jeddah, which runs from April 5-7.