Saudi Arabia saw a 38% increase in real estate transactions during the first half of the year, with 106,700 deals worth SR127.3 billion ($33.9 billion), as reported by Knight Frank. Residential transactions made up 61% of these, rising by 41% to nearly 91,860 sales. The value of these residential deals increased by 48%, reaching SR77.6 billion.
This growth in the real estate market was driven by several factors. One of the main contributors was the Saudi Housing Program, which helped more than 96,000 families. Government efforts to make housing more affordable also played a key role. Riyadh experienced the highest growth, with transactions increasing by 49%, making it the fastest-growing city in the country in terms of real estate deals.
Looking ahead, homeownership in Saudi Arabia is expected to reach 63.74% by the end of 2023, surpassing government goals. Another factor boosting the market is the introduction of Premium Residency Visas for foreign investors, which has increased demand for properties. Overall, these initiatives have strengthened the real estate sector, making it an attractive investment opportunity for both locals and foreigners.
