New housing index for Jeddah market: JLL and JCCI ink deal
JLL, the world’s leading real estate investment and advisory firm, has signed a Memorandum of Understanding (MoU) with the Jeddah Chamber of Commerce & Industry (JCCI) to jointly launch the ‘JLL-JCCI Jeddah Housing Index’.
The index is intended to collect, consolidate and share data on the housing market in Jeddah, thus bringing considerable transparency for investors and other participants in the city’s residential market.
In addition to enhancing transparency, the ‘JLL-JCCI Jeddah Housing Index’ will improve the quality of information available by collating information from major developers and other sources.
Using the latest information technology, JLL will design an online questionnaire as part of its research methodology, and utilize other online resources to ensure the integrity of the data.
The first set of results will be published in JLL’s second quarter report on the Jeddah real estate market to be published later this year.
In 2015, JLL signed a separate MoU with JCCI to collect and share data on Jeddah’s retail real estate sector.
Zyad Al-Bassam, vice-chairman of Jeddah Chamber of Commerce, commented: “The JLL-JCCI Housing Index will be a valuable resource for private sector investors as it will provide strategic insight which is not currently available. There will be a greater volume of high quality and trustworthy information available as a result of our combined expertise. Overall, the index can contribute toward making the city’s housing market more attractive to public and private investors.”
Jamil Ghaznawi, national director and country head of JLL, KSA, added: “It is a privilege to once again partner with the JCCI, this time in bringing greater clarity to Jeddah’s residential market. We are especially proud of the use of technology to enhance data collection and analysis, which is surely a first in KSA’s fast evolving real estate sector.”
Khalid Bashwayer, head of JCCI’s residential committee, said: “This MoU highlights a fantastic initiative by JLL as it will allow us to make significant progress in improving the overall transparency of Jeddah’s residential market. The housing index also promises to provide better information for investors and the general public as it will provide data that is much more accurate and comprehensive.”
Bashwayer said: “We are excited to work with JLL on a project that will add a significant degree of value to the public domain with its exclusive and proficient analysis.”