The KSA Real Estate Market - A Year in Review 2020
Read our KSA Real Estate Market – A Year in Review 2020 report for an overview of the office, residential, retail and hospitality sectors in the kingdom.
While much of 2020 was prioritizing the response to COVID-19, Saudi Arabia remained focused on growth and stability, long-term economic sustainability, diversification and an enhanced quality of life for its people. This was especially evident in the SAR 990 billion (USD 264 billion) budget for 2021, which emphasized health and social development, as well as education spending, with each allocated SAR 186 billion and SAR 175 billion respectively.
Given the strong government support for the sector, demand for KSA’s residential properties remained active in 2020. According to Saudi Arabia Monetary Agency (SAMA), this was reflected in the mortgage growth rate figures for the year-to (YT) September 2020, which saw an 84% growth in the number of loans and a 90% growth in loan values over the same period last year.
Read our latest report on the KSA real estate market to find out more.