The KSA Real Estate Market – Q1 2023
A structural shift in Saudi Arabia's residential market sees demand for apartments outpace villas
- Saud Alsulaimani
The government has introduced several measures to expedite home-ownership among Saudi nationals and boost the residential sector. Demand has been increasing and is expected to continue to trend-up.
In a recent announcement, 100 million sq. m. of land was allocated to the residential sector in the capital and other cities to control the increase in land and residential prices. Undeniably, in the first quarter of 2023, average sale prices and rents in Riyadh increased by 7% and 2%, Y-o-Y, respectively.
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