Demand has been growing steadily in Saudi Arabia’s residential real estate market, with the Kingdom’s capital Riyadh seeing a 77% year-on-year increase in sales transactions in the first quarter, a report from global consultancy CBRE showed. Arab News reported on May 31. .
Housing transactions in Jeddah grew 92.9% in the first three months of this year, while Dammam saw 28% year-on-year growth, according to CBRE.
Head of Maghreb and Middle East Studies Taimur Khan said: “While we have seen strong performance in Saudi Arabia’s commercial sectors in the recent past, which continues to this day, we are now seeing that the residential sector is also experiencing a significant increase in demand. This, in turn, is the basis of the efficiency of the sector.”
“We also expect that there may be some bifurcation into the residential sector, with quality new assets likely to post record growth rates.”Khan added.
Villa prices in Riyadh, Jeddah and Khobar increased by 3.6%, 0.2% and 3.1% respectively. Meanwhile, Dammam saw a slight decline of 0.5%.
Source: Rossa Primavera
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