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Dubai: Residential transaction values in Saudi Arabia rose by 25 per cent year-on-year in the third quarter of 2024, reaching $9.4 billion (Dh34.5 billion).
Knight Frank, a real estate consultancy, reported a 12 per cent increase in the number of deals, totalling 45,924, which reflects strong demand in Saudi Arabia’s housing market.
Riyadh spearheaded this growth, with a 16 per cent rise in the number of sales and a remarkable 41 per cent increase in transaction values compared to the same period in 2023.
This performance reinforces Riyadh’s role as a hub for real estate activity in the country.
This surge aligns with Saudi Arabia’s Vision 2030, which aims to raise homeownership to 70 per cent by that year, spurring significant residential development.
A major contributor to this growth is ROSHN, a $20 billion (Dh73.4 billion) initiative from the Public Investment Fund, which plans to deliver over 200,000 homes across the country. This initiative supports the Saudi Arabia’s urban development goals and aims to meet the housing demand driven by population growth and economic reforms, as reported by Saudi news outlet Arab News.
Additionally, the Kinght Frank report noted that Saudi banks issued $14.8 billion (Dh54 billion) in residential mortgage loans during the first eight months of the year, a 3 per cent increase from the previous year.
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