Arab News, Tue, Dec 05, 2023 | Jumada Al-Uola 21, 1445
Saudi Arabia’s real estate supply reservations more than double
Saudi Arabia:
Citizens in Saudi Arabia are gaining greater access to residential units as the
real estate supply reservations surged 110 percent year on year in November to
reach 12,503, according to new figures.
The Kingdom’s National Housing Co. announced that
residential units were sold at competitive prices starting from SR250,000
($66,649) compared to the previous year’s rates, in which the lowest contract
amounted to SR321,000 per residential unit, the Saudi Press Agency reported.
This falls in line with the Gulf country’s plans
and strategies to launch several extensive residential projects in order to
achieve a balance between population growth and rapid urban expansion.
This also comes as the rise in population density
has led to increased demand for housing, meaning the Kingdom is working to boost
the real estate supply to meet this need, aligning with a sustainable urban
approach.
This rapid increase in reservations is mainly
attributed to launch of a number of residential projects in various regions, the
most prominent of which is the inauguration of the Al-Fursan Suburb in Riyadh
which aims to provide the largest real estate supply with a high level of
quality and luxury.
Other projects include the Sadayem Suburb which
was launched in Jeddah along with many housing schemes in distinctive locations
within the main cities.
In fact, the number of residential projects
reached 46 during 2023, thereby cementing Saudi Arabia’s innovative model for
real estate development.
National Housing Co. is the leader and enabler of
the real estate development sector and the largest major developer of suburbs
and residential communities in the Kingdom characterized by quality of life.
The company pumps more than 300,000 housing units
into eight suburbs and six residential communities on an area of more than
120 million sq. meters, accommodating more than 1 million citizens.
It seeks to find solutions to secure supply chains
with high quality and more sustainable construction materials, as part of the
company’s keenness to increase the real estate supply with residential options
according to international standards.
All the firm’s efforts are directed to achieving
the goals of the housing program by raising the percentage of residential
ownership for Saudi families to 70 percent by 2030.