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29-01-23

Saudi Arabia’s real estate sector experience great start in 2023

(MENAFN) Announcing the plans for the shape of things in the future, 2023 started on a great note for the real estate sector with contracts valued at over SR10 billion (USD2.66 billion) inked on the first day of the Real Estate Future Forum, which was hosted in Riyadh from the 23rd of the January up till the 25th.

The robust beginning to the year comes along with a report issued by PwC Middle East in December which pointed out that the nation has made massive advancement in altering its residential industry in the last 10 years.

The administration’s strong procedures and initiatives, such as the activation of many finance outputs, is driving the industry forward, addressing the key obstacles dealt by the residential market, as well as making home ownership an option for upcoming generations of Saudis, it stated.

The hopefulness was voiced by Faisal Durrani, chief of Middle East research, at worldwide real estate consultancy Knight Frank.

“We are tracking nearly 555,000 residential units that are due to be delivered around the Kingdom by 2030, with Riyadh alone set to see an additional 200,000 homes as the Saudi capital gears up for a 127 percent rise in its population to 17 million by the end of the decade,” he informed Arab News.

He did, on the other hand, point out warning that “Despite the volume of new homes planned, we forecast a national deficit of almost 1.5 million units. The caveat, of course, is around building suitable stock to satisfy the exceptional levels of current and future demand.”

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