RIYADH: Knight Frank reports that strong mortgage activity and government backing drove over 93,700 deals in the first half of the year, a 7% year-over-year growth in Saudi Arabia’s residential market.
According to the consultancy’s most recent market review, the segment represented 63 percent of all real estate activity in the Kingdom, with deals totaling SR77.5 billion ($20.6 billion).
This comes as the second quarter of Saudi Arabia’s real estate market continued to develop steadily, with overall property prices in the Kingdom increasing 3.2% year over year, according to official figures. The General Authority for Statistics reported a 0.4 percent increase in the cost of residential real estate.
The performance demonstrates a wider upswing in the Saudi real estate market, which is being propelled by the country’s objective of economic diversification. Housing has emerged as a crucial component of the Kingdom’s Vision 2030 plan to lessen dependency on oil, with the Real Estate General Authority predicting that the market will reach $101.62 billion by 2029.
“The approval of the new Law of Real Estate Ownership by Non-Saudis has been one of the most significant legislative developments this year,” stated Faisal Durrani, Knight Frank partner and head of research for the Middle East and North Africa area.
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