Written by 17:33 News, Saudi Arabia

Rise in Rent in Riyadh Fuels Demand for House Ownership

Rise in Rent in Riyadh Fuels Demand for House Ownership

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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