Housing declined by a percentage.
Apartment prices increased by 1.45%.
Villas increased by almost one percent.
Residential building prices d hotel rooms, an airport, yacht berths and hospitality amenities.
Qiddiya: An entertainment city made russian numbers uo of a Six Flags theme park, hotels and leisure facilities.
Amaala: A wellness retreat for tourists with retail stores, luxury hotel rooms, villas, an airport, marinas and art galleries, expected to be completed in full by 2028.
Other developments in Saudi Arabia include thousands of new apartments being developed at:
Saudi Aramco Fadhili Residential Compound
To support the above, KSA will also be improving it infrastructure with:
Jeddah Tower
Expansion of the Makkah Grand Mosque
Riyadh Rapid Bus Transit System
Expansion of Kind Fahad Medical City
King Salman Energy Park
King Abdullah Bin Abdulaziz Medical Complexes
Commercial Real Estate
One of the worst hit areas of real estate in Saudi Arabia is commercial office space. This has to do with the mass exodus of expat workers, as well as the economy in recession and rising unemployment rates. Since fewer office spaces are needed thanks to the surge in permanent work from home solutions and businesses are looking to reduce their expenses, this sector is unlikely to fully recover. Mall rental amounts have also fallen in Riyadh, along with an increase in vacancy rates as well. Community malls have been affected worse than the regional ones. Jeddah’s retail market has faced a similar fate with a softening market, falling rent and increases in vacancy rates.
A Market for Real Estate
While Saudi Arabia, like much of the world, has faced economic and real estate woes due to the pandemic, there is an air of optimism. While the real estate market has been struggling, it has also proven to be resilient and with the support of the government to encourage home ownership, it is a promising country and market for real estate sales.