Saudi real estate market showed a growth in the number of new housing units by 29 percent, according to official data.
Construction of over 106,000 new housing units has been completed, while 101,000 housing units have been under construction since the first quarter of this year.
The Housing Data and Observatory Center issued the bulletin on the developments of the local housing sector and real estate finance in the Kingdom. It revealed that Q1 of this year witnessed the completion of 106,500 housing units, compared to 82,500 units in Q1 of 2019.
The bulletin also noted the contribution of "Sakani" and "Wafi" programs in facilitating financing and enabling Saudi families to own their first home.
The number of new units exceeded 344,000 during the past year, enhancing the diversity and increasing the supply of high-quality units with appropriate prices.
The start-to-finish construction process is one of the indicators that reflects the development of the number of new housing units established with Sakani program in partnership with the private sector.
The average prices of residential apartments during Q1 of 2021 dropped to below $133,000 since 2020. The average selling prices of land and homes stabilized during the same period, according to the Center.
It explained that the drop in prices reflects the provision of housing solutions and options that meet the Saudi families’ desires in partnership with real estate developers in all cities and regions across the Kingdom.
The bulletin touched on residential real estate deals that exceeded 255,000 in 2020, according to the data of the Ministry of Justice.
During the Q1 of 2021, over 82,000 sales contracts for residential real estate were released.
According to data from the General Authority for Statistics, paid rent dropped 16 percent compared to its level in 2018.
