In the third quarter of 2024, the value of residential transactions in Saudi Arabia increased by 25% year over year to $9.4 billion (Dh34.5 billion).
Strong demand in Saudi Arabia’s housing market is reflected in the 12 percent increase in deals, or 45,924, reported by real estate consultancy Knight Frank.
With a 16 percent increase in sales and an astounding 41 percent increase in transaction values over the same period in 2023, Riyadh led this expansion.
This performance reaffirms Riyadh’s position as the nation’s center of real estate activity.
This increase is in line with Saudi Arabia’s Vision 2030, which calls for a 70% homeownership rate by that year in order to encourage substantial residential construction.
The Public Investment Fund’s $20 billion (Dh73.4 billion) ROSHN initiative, which aims to build over 200,000 homes nationwide, is a significant factor in this expansion. According to Saudi news outlet Arab News, this project aims to address the housing demand brought on by population growth and economic reforms while also supporting Saudi Arabia’s urban development goals.
In the first eight months of this year, Saudi banks issued $14.8 billion (Dh54 billion) in residential mortgage loans, a 3% increase over the same period last year, according to the Kinght Frank report.
