The cost of renting apartments in the capital of the Kingdom has significantly increased recently, making it harder for many citizens to afford decent housing.
As a result of the steep increase in rental prices, more and more people in Riyadh are choosing to buy homes instead of renting as a way to increase stability and control over their living arrangements.
The average rent for a one-bedroom apartment in central Riyadh has risen to over SR5,000 ($1,300) per month, according to current real estate market statistics (numbers vary daily). According to a CBRE.sa research, the rates may be even more startling for larger flats, with three-bedroom properties sometimes fetching monthly fees exceeding SR10,000.
Many middle-class and lower-class families are facing severe financial hardship as a result of these outrageous rates, which has forced them to make tough decisions about their housing alternatives.
“My family’s ability to continue renting has become nearly impossible,” stated Shahad Al-Ghamdi, a young administrative manager who resides in Riyadh. Even a modest apartment’s rent takes up a significant amount of my monthly income, leaving little left over for other costs. I’ve been thinking a lot about getting a mortgage and moving instead since it would end up being more economical in the long run.
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