With population growth of 2.4% in 2015, there is a rising need for housing in Saudi Arabia, and the government has introduced measures to create half a million affordable units for its citizens, only 30% of whom currently own their own homes. The latest initiative is a 2.5% tax on undeveloped land, which was introduced on June 15, 2016.
From 2003 to 2013 Saudi Arabia’s second oil boom brought a decade of prosperity for its construction and engineering sectors, but with the brakes applied to public spending, many businesses face a more challenging landscape in 2016. Work is continuing apace on some of the most prestigious projects, such as the Riyadh Metro and King Abdullah Economic City on the Red Sea, but progress has slowed...
2016 witnessed the launch of the Kingdom’s historic Vision 2030 and the accompanying National Transformation Programme, both of which call for a major overhaul of the state’s economic apparatus and envision a more open market framework and more dynamic, private sector-led growth moving ahead.
While Morocco’s real estate sector has fallen after a boom that peaked in 2007 and 2008, recent years have shown signs of a modest recovery. Although the luxury real estate segment has remained depressed as a result of the global economic downturn in 2008-09, government-sponsored financial incentives aimed at attracting developers and builders...
How would you describe the commercial real estate landscape in Morocco at present? BENDEFA: Commercial real estate encompasses a number of asset classes, including offices, retail and industrial. In all these sectors, we have seen a significant amount of new supply coming onto the market, driven primarily by demand. In addition to...
Following a slowdown in 2013 caused by various factors, Moroccan construction saw a return to growth in 2014 and 2015, with high demand for housing and investment in infrastructure projects continuing to drive the sector. Although the price of building materials has been adversely affected by the sector’s downturn in recent years, with the...
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