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FinancialNews
07-07-21
Supply of new housing units in Saudi Arabia increases in 1Q of 2021
(MENAFN)In Saudi Arabia supply of new housing units increased in the first three months as the government’s Sakani and Wafi programs led the building of affordable housing.
The Housing Ministry's Housing Data and Observatory Center stated that new housing supply increased 29 percent annual in the January-March period of 2021 and by 0.6 percent from the previous quarter.
In the past year about 344,000 housing units built in the Kingdom. Construction initiated on 101,000 units in the first three months of 2021, an 18 percent boost on the same time span a year earlier, as 106,000 units were completed.
The average price of residential apartments dropped below SR500, 000 ($133,315) in the first three months of 2021 from the end of 2020.
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