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  • 05-07-21

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

    (MENAFN)A new industry report stated that residential sales rates in Saudi Arabia have returned to pre-coronavirus levels, to stand at their highest level for five years.

    Also, increasing mortgage volumes have assisted the government to attain its homeownership goals as part of Vision 2030.

    In a statement, head of Middle East Research at Knight Frank, Faisal Durrani stated “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.”

    He added “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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