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%.
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