RIYADH: According to Realiste, property prices have soared by 60% in the real estate market of Riyadh as the population growth increases.
From 1970 to 2020, the population of the country has grown by over 20%, and a majority of its inhabitants are below the age of 30.
In light of the rapidly evolving demographics of Saudi Arabia, real estate has become a key focus for the local government in recent years.
Owning to these changes, a significant number of young individuals move from rural areas to urban centres in search of job prospects. As a result, it is anticipated that 100,000 new homes will be constructed in Riyadh, the capital of the Kingdom, by the end of 2023.
According to Vision 2030 plan, Saudi Arabia intends to construct eight novel megacities, such as Neom, Qiddiya, Red Sea Project, Amaala, Al-Ula, Diriyah Gate, and others, which will be supported by an investment of almost $575 billion.
This funding will enable the establishment of 1.3 million housing units. This real estate boom in Saudi Arabia has affected property prices in Riyadh.
As per Realiste, property prices have surged by 9% in the last six months, and some districts have observed price increases of up to 60%.
For news and blogs, visit Graana.com
Islamabad, Oct 13: The Islamabad district administration has clarified that all roads in the federal…
Islamabad: Capital Development Authority (CDA) and the Overseas Pakistanis Foundation (OPF) have agreed to collaborate on…
Rawalpindi: The Rawalpindi Municipal Corporation (RMC) has finalized a phased plan to complete multiple ongoing…
Islamabad: Federal Minister for Communications Abdul Aleem Khan has unveiled a wide-ranging reform strategy for…
IMARAT has made history by becoming Pakistan’s first certified Marriott International operator, a landmark achievement…
Islamabad: The Islamic Development Bank (IsDB) has approved a USD 475 million financing package for…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
