Riyadh Strengthens Its Position as a Real Estate Hub
Dubai: Saudi Arabia’s residential real estate market saw a significant boost in the third quarter of 2024, with transaction values climbing 25% year-on-year to reach $9.4 billion (Dh34.5 billion).
According to real estate consultancy Knight Frank, the number of residential transactions increased by 12%, totaling 45,924 deals, indicating strong demand across the country’s housing sector.
Riyadh played a pivotal role in driving this growth, experiencing a 16% rise in the number of sales and a notable 41% surge in transaction values compared to the same period in 2023. This reinforces Riyadh’s position as the epicenter of real estate activity in Saudi Arabia.
The surge in transactions aligns with the goals of Saudi Arabia’s Vision 2030, which seeks to raise the national homeownership rate to 70% by 2030, spurring significant residential development.
A key player in this growth is ROSHN, a $20 billion (Dh73.4 billion) initiative backed by the Public Investment Fund. ROSHN aims to deliver over 200,000 homes nationwide, contributing to the country’s urban development and addressing the rising housing demand driven by population growth and economic reforms, as reported by Arab News.
Furthermore, Knight Frank’s report highlighted that Saudi banks issued $14.8 billion (Dh54 billion) in residential mortgage loans during the first eight months of the year, marking a 3% increase compared to the previous year.
