The international property firm has opened an office in Saudi Arabia, saying the country represents strong growth potential.

Knight Frank has opened an office in Riyadh, Saudi Arabia, adding to its presence in the Middle East, it announced yesterday.

The firm, explaining its decision to open in the country, talked about Saudi Arabia’s “increasing urbanisation and a healthy non-oil sector”, making it the largest market in the Gulf Co-Operation Council region of the Middle East.

“We expect demand for real estate in the kingdom to continue to grow in the short to medium term. With widespread reforms, such as foreign ownership of shares on the stock market and the government’s drive for greater transparency in the real estate sector, Saudi Arabia looks set to benefit from additional capital inflows, despite headwinds from lower oil prices,” Stefan Burch, general manager of Knight Frank Saudi Arabia, said.