RIYADH: According to a recent research, the value of residential transactions in Saudi Arabia increased by 25% year over year in the third quarter of 2024, reaching SR35.4 billion ($9.4 billion). Knight Frank reports that there is a significant level of demand in the Kingdom’s property market, as seen by the 12 percent increase in deal volume to 45,924 deals. With a 16 percent increase in sales and a 41 percent increase in transaction values over the same period in 2023, Riyadh was the driving force behind this boom. The city’s impressive performance highlights its status as the nation’s main centre for real estate activities.
This coincides with Saudi Arabia’s Vision 2030, which calls for massive residential building in order to increase homeownership to 70% by 2030. The Public Investment Fund’s $20 billion ROSHN initiative, which aims to build over 200,000 homes around the Kingdom, is responsible for many of these projects. Knight Frank said, “We predict the residential supply to reach nearly 3.7 million units by the end of 2026, with a current supply of 3.5 million units across the Kingdom’s five major cities.”
This projected rise is in line with the Kingdom’s larger urban development objectives and Vision 2030 programs, which are meant to address the housing demand brought on by economic changes and population expansion.
The research also said that Saudi banks granted SR55.7 billion in residential mortgage loans in the first eight months of this year, a 3 percent increase from the previous year, which further bolstered the market’s momentum.
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