The Saudi real estate market is suffering a surge in inflation with prices growing at fastest pace in 8 years, Invest-Gate reports.
With the beginning of 2023, the Saudi government takes some decision to solve the issue, including offering land with financing facilities.
The decisions also aim to preserve the goals of the Kingdom’s Vision 2030, which aims to raise home ownership rates for Saudis to 70% by 2030.
The annual average of the real estate price index increases by 1.1% YoY in 2022, due to a 2.1% YoY increase in the average prices in the residential sector.
Real estate prices in the residential sector grow 2.6% YoY in Q4 2022 owing to a 2.6% YoY increase in land prices during the same period.
The Saudi government works to contain prices hikes in the real estate sector.
Early in February, Saudi Arabia’s National Housing Company (NHC) launches its largest new residential suburb, Al Fursan, in the northeast of Riyadh.
NHC also unveils the second phase of ‘Khuzam Suburb’, representing the largest real estate supply in the capital city.
Spanning over a 35 million sqm area, Al Fursan features more than 50,000 residential of various types, as well as over 190 vital facilities and commercial centers surrounded by 6 mn sqm green space.