Saudi Arabia residential sales volumes recover to pre-pandemic levels
- Date: 04-Jul-2021
- Source: Zawya
- Sector:Real Estate
- Country:Saudi Arabia
Saudi Arabia residential sales volumes recover to pre-pandemic levels
JEDDAH: Residential sales volumes in Saudi Arabia have recovered to pre-coronavirus (COVID-19) levels, reaching their highest level for five years, according to a new industry report.
Rising mortgage rates have also helped the government reach its homeownership targets as part of Vision 2030.
Faisal Durrani, head of Middle East Research at Knight Frank, said in a statement: "With homeownership at 60 percent at present, the government has already surpassed its 2020 target by 8 percent and is well on course for achieving 70 percent homeownership by 2030."
"At 115,000 transactions, sales volumes between January and May are on par with the same period in 2019 and are 49 percent higher than January to May 2018. Homebuyers and lenders are clearly feeling more confident as the post-COVID recovery starts to bed in," Durrani added.
A total of 38,285 mortgages were issued for the purchase of villas and townhouses in the first quarter of 2021, worth a total of SR48 billion ($12.8 billion).
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