Riyadh ranks first in the world in terms of occupancy of luxury offices

Occupancy in luxury offices in Riyadh reached 98%, which is one of the highest rates in the world, according to Faisal Durrani, head of the Middle East Research Department at Knight Frank.

Durrani said in an interview with Al-Sharq that one of the biggest changes that occurred at the beginning of this year in Saudi Arabia and had an impact on the real estate market was the approval of granting premium residency to owners of properties whose value is not less than 4 million riyals.

He added: “We see a great demand from the rich people in the world who are looking to own real estate assets in cities such as Mecca and Medina.”

He also pointed out that the growing population in Riyadh, especially due to international companies moving their regional headquarters to the Saudi capital, is putting pressure on schools, hospitals and other facilities and establishments. (Bloomberg)