Revealed: property prices in Riyadh will grow by 30 percent in 2023

Revealed: property prices in Riyadh will grow by 30 percent in 2023

The UAE-based proptech company Realiste which develops products for real estate investing powered by artificial intelligence (AI), conducted research on the property market in Riyadh, the capital of Saudi Arabia. The local property prices will increase on average by 19 percent, with expected growth of 20-30 percent in particular areas.

Factors behind the growth

Over the past few years, real estate has emerged as a top priority for the local government in response to the swiftly changing demographics of Saudi Arabia. The country's population has surged by more than 20 percent from 1970 to 2020, with over half of its citizens under 30. Many of these young people migrate from rural areas to cities for employment. Riyadh is expected to see the addition of 100 000 new homes by the end of 2023.

To reduce the country's reliance on revenue generated from oil, the local government is also pursuing its Vision2030 plan, which aims to transform the country's economy. This plan, combined with the increasing demand for housing, has spurred investments in several new futuristic cities. By 2030, the Kingdom plans to build eight new megapolises, including Neom, Qiddiya, Red Sea Project, Amaala, Al-Ula, Diriyah Gate, and others. Investment in these projects accounted