Saudi construction activity robust in 2020; 60,000 homes delivered

Saudi construction activity robust in 2020; 60,000 homes delivered

While much of 2020 was prioritizing the response to Covid-19, Saudi Arabia remained focused on growth and stability, long-term economic sustainability, diversification and an enhanced quality of life for its people, according to leading real estate company JLL. This was especially evident in the SR990 billion ($264 billion) budget for 2021, which emphasised health and social development, as well as education spending, with each allocated SR186 billion and SR175 billion respectively, stated JLL in its 2020 Year in Review report released today. "Even though there are sectors in Saudi Arabia's property market which remain challenged as a result of Covid-19, the government is looking beyond the implications of the pandemic by continuing to support a number of measures and by investing massively in various projects to achieve its Vision 2030 goals," remarked Dana Salbak, the head of research at Mena. Given the strong government support for the sector, demand for Saudi Arabia's residential properties remained active in 2020. According to Saudi Arabia Monetary Agency (Sama), this was reflected in the mortgage growth rate figures for the year-to (YT) September 2020, which saw an 84% jump in the number of loans and a 90% growth in loan values over the same period last year. In addition,