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  • 04-07-21

    Residential sales rates in Saudi Arabia return to pre-Coronavirus levels

    (MENAFN)A new industry report showed that residential sales rates in Saudi Arabia recovered to pre-Coronavirus (COVID-19) levels, standing at their highest level for five years.

    Increasing mortgage volumes have also supported the government to reach its homeownership targets as part of Vision 2030.

    “With homeownership at 60 percent at present, the government has already surpassed its 2020 target by 8 percent and is well on course for achieving 70 percent homeownership by 2030,” stated Faisal Durrani, head of Middle East Research at Knight Frank.

    Durrani further declared that “At 115,000 transactions, sales volumes between January and May are on par with the same period in 2019 and are 49 percent higher than January to May 2018. Homebuyers and lenders are clearly feeling more confident as the post-COVID recovery starts to bed in.”

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