Real estate prices jump in Saudi Arabia

Real estate prices jump in Saudi Arabia

ALBAWABA - The real estate market in Saudi Arabia has witnessed significant activity since the government launched a plan in 2016 aimed at providing homes for its citizens. Experts anticipate a surge in property prices following the permission for foreigners to own and obtain premium residency.Earlier this month, Saudi Arabia unveiled four types of premium residencies, offering foreigners benefits similar to those enjoyed by Saudi citizens, such as permanent residency with family in the kingdom, including residency through property ownership.Hossam Ahmed, Sales Management Director at Al Rajhi Investment Company, predicted a 25% to 40% increase in property prices in Saudi Arabia in the coming period. Speaking at the "Future of Real Estate Forum 2024" in Riyadh, Ahmed emphasized that this type of residency presents a unique opportunity for the real estate market, potentially contributing to sector growth by over 300%.(Shutterstock)Ahmed, in an interview with Al Sharq channel, stated that interest rate impacts would be limited given the current situation in Saudi Arabia and the introduction of premium residency, expecting substantial growth in the real estate market in the near future.These expectations align with the views of Khaled Al Mubayed, CEO of Real Estate Platforms, who anticipates increased demand for housing