Saudi Arabia's real estate transactions surge 38pc

RIYADH, Aug 29 (Arab News): Saudi Arabia witnessed a 38 per cent rise in real estate transactions during the first half of the year, reaching 106,700 deals with a total value of around SR127.3 billion ($33.9 billion), according to Knight Frank.
A report by the London-based global real estate consultancy firm said that residential transactions comprised 61 per cent of all property deals by total value and saw a 41 per cent increase, reaching just under 91,860 sales.
Concurrently, the value of these residential transactions surged by 48 per cent, totaling SR77.6 billion over the same period.
The analysis underscored several factors that have driven the growth in residential real estate transactions in the Kingdom.
In 2023, Saudi Arabia's Housing Program supported over 96,000 families by providing access to affordable home financing solutions. Additionally, more than 20,000 households received assistance through the Development Housing Program, run by the Ministry of Municipalities and Housing.
The initiative facilitates homeownership for eligible families and provides usufruct rights to homes donated through the government's housing support portal.
The report attributes the surge in demand for residential properties to the Kingdom's housing programs, government initiatives promoting affordability, and public and private partnerships.
Riyadh continues to stand out among Saudi Arabia's major cities, bolstered by government initiatives aimed at enhancing its economic, cultural, and entertainment appeal.