Apartment living, e-commerce centers the key trends as Saudi real estate rebounds from 2020

Apartment living, e-commerce centers the key trends as Saudi real estate rebounds from 2020

RIYADH: The COVID-19 pandemic has impacted the Saudi property market in many ways, with a number of trends emerging, such as a focus on apartment living, the growth of e-commerce impacting the warehouse and retail sector and the reopening of international movement spurring a rebound in the hospitality sector. In its new report, real estate consultancy firm CBRE observed that in the residential sector there has been "increased demand witnessed across major markets for smaller residential typologies, with increased focus on community living environment. Developers are responding by introducing a greater proportion of apartments and townhouses within their mega projects.“ As part of its Vision 2030 program, the government is aiming to increase homeownership in the Kingdom to 70 percent, up from about 47 percent in 2017. One of the ways it is doing this is through the launch of Roshn, which is owned by the Public Investment Fund (PIF). Roshn is planning to start off-plan sales at its flagship project in Riyadh later this year, with the handover of the first homes to tenants likely in early 2022. "Our communities are entirely inclusive, with homes to suit all tastes and budgets. Our aim is to provide a modern, aspirational