Riyadh’s residential market growth robust in H1 despite slowdown

Riyadh’s residential market growth robust in H1 despite slowdown

Saudi Arabia - It's boom time for residential market in Saudi capital Riyadh with demand for housing units, particularly in the affordable segment, continuously on the rise despite the recent slowdown, according to KPMG, a leading provider of audit, tax and advisory services.

The growth is being mainly driven by a large and growing population, coupled with growing urbanization, declining household size, and government measures, stated KPMG in its 'Riyadh Real Estate Market Overview' report.

In its first ever interactive report, KPMG has highlighted the indicative investment opportunities, market trends, and market performance for the first half of 2022 in the saudi capital, covering four core real estate sectors - residential, retail, office, and hospitality.

On the residential market scenario, KPMG said the government was continuously working on the provision of affordable housing units for Saudi nationals to increase home ownership, which stands at just above 62%, as per the latest published statistics in line with the kingdom's Vision 2030.

"The residential market remained resilient during the pandemic which can be attributed to strong demand fundamentals and has witnessed a positive trend in KPIs in the first of 2022," remarked Rani Majzoub, the Head of Real Estate Advisory at KPMG Professional Services.

"The demand for