Off-plan properties can transform Saudi real estate market, highlights latest PwC Middle East report

Off-plan properties can transform Saudi real estate market, highlights latest PwC Middle East report

Several obstacles need to be addressed to scale up demand for off-plan properties, including building greater buyer trust, educating developers and creating effective marketing strategies Riyadh, Kingdom of Saudi Arabia – Insights from PwC Middle East’s latest report, “Saudi Arabia’s off-plan market: A driving force fueling a vibrant and sustainable society” shows that off-plan sales models can increase the effectiveness and affordability of the Kingdom’s real estate market, directly contributing to goals set out within Saudi Vision 2030. As part of its National Housing Programme, Saudi Arabia has set out a target of increasing home ownership to 70%, up from 47% in 2016. Achieving this goal requires a significant leap in residential real estate supply by approximately 1.5 million housing units or 115,000 units annually. The Kingdom’s National Transformation Programme as well as the Ministry of Municipal and Rural Affairs and Housing (MoMRAH) have introduced several innovative products and initiatives to support this objective, such as market-ready units provided by real estate developers or individual owners, access to financial institutions for housing support, and setting up a legal framework for housing programmes. In a historically ready-property market, off-plan properties provide an opportunity for both local and foreign investors to create