<The periodic bulletin of the Housing Data and Monitoring Center revealed the completion of construction work in more than 106 thousand new housing units and the start of construction of 101 thousand housing units under construction in the Saudi market during the first quarter of the current year 2021.
The bulletin reviews many information and statistics adopted from official sources on the developments of the local housing and real estate finance sector, and the details of the bulletin can be viewed on the website.
The bulletin showed a remarkable growth in the number of new housing units completed during the first quarter of this year by 29 percent with 106.51 thousand housing units compared to 82.56 thousand units during the first quarter of 2020, and a growth of 0.6 percent compared to the fourth quarter of last year, indicating the contribution of the housing system programs “Sakani” and ”Wafi” to facilitate financing and enable Saudi families to own their first home, and the number of new housing units during the past year exceeded 344 thousand units, which enhances the diversity and increase the supply of quality and affordable housing.
The bulletin also indicated the start of construction work on 101.58 thousand housing units during the first quarter of 2021, registering a growth of 18% compared to the first quarter of 2020, which recorded 85.92 thousand units, and an increase of 0.7% compared to the fourth quarter of last year, and the index of the start and end of construction is one of the indicators that reflect the development of the number of new housing units created, whether through “self-construction” or the “Residential” program in partnership with the private sector.
The bulletin pointed out that the average prices of residential apartments decreased during the first quarter 2021 to stabilize below 500 thousand riyals since the end of 2020, and the average sale prices of lands and houses stabilized during the same period, explaining that this is due to the efforts made by the “Residential” and ”Wafi” programs to provide appropriate housing solutions and options according to the desires of Saudi families in partnership with real estate developers in all cities and regions of the Kingdom.
The bulletin touched on residential real estate deals, which exceeded 255 thousand deals - according to the Ministry of Justice data - during the past year 2020,
The first quarter 2021 witnessed the release of more than 82 thousand sales contracts for residential properties, and the decrease in the index of rent paid for housing by 16 percent compared to its level in 2018, according to data from the General Authority for Statistics.
The bulletin reviewed the performance of some of the programs of the housing system, and “Residential” showed a positive development by enabling 49,566 Saudi families to live in new homes during the first quarter of 2021, and Wafi issued 19 licenses to sell residential units in projects under construction providing more than 16,000 housing units, and the “Completion” program approved 6 residential plans exceeding 12 million square meters and issuing licenses to build about 3,000 housing units.The growth rate of new real estate loans to individuals increased by 5.8 percent quarter-on-quarter and 26 percent year-on-year, reaching 92,111 contracts worth 48,022 billion riyals in the first quarter of 2021, and villas received the highest percentage of 79.7 percent, while apartments received 15.5 percent of the financing rate, and 4.8 percent for land financing - according to data from the Saudi Central Bank -.
The bulletin reviews many information and statistics adopted from official sources on the developments of the local housing and real estate finance sector, and the details of the bulletin can be viewed on the website.
The bulletin showed a remarkable growth in the number of new housing units completed during the first quarter of this year by 29 percent with 106.51 thousand housing units compared to 82.56 thousand units during the first quarter of 2020, and a growth of 0.6 percent compared to the fourth quarter of last year, indicating the contribution of the housing system programs “Sakani” and ”Wafi” to facilitate financing and enable Saudi families to own their first home, and the number of new housing units during the past year exceeded 344 thousand units, which enhances the diversity and increase the supply of quality and affordable housing.
The bulletin also indicated the start of construction work on 101.58 thousand housing units during the first quarter of 2021, registering a growth of 18% compared to the first quarter of 2020, which recorded 85.92 thousand units, and an increase of 0.7% compared to the fourth quarter of last year, and the index of the start and end of construction is one of the indicators that reflect the development of the number of new housing units created, whether through “self-construction” or the “Residential” program in partnership with the private sector.
The bulletin pointed out that the average prices of residential apartments decreased during the first quarter 2021 to stabilize below 500 thousand riyals since the end of 2020, and the average sale prices of lands and houses stabilized during the same period, explaining that this is due to the efforts made by the “Residential” and ”Wafi” programs to provide appropriate housing solutions and options according to the desires of Saudi families in partnership with real estate developers in all cities and regions of the Kingdom.
The bulletin touched on residential real estate deals, which exceeded 255 thousand deals - according to the Ministry of Justice data - during the past year 2020,
The first quarter 2021 witnessed the release of more than 82 thousand sales contracts for residential properties, and the decrease in the index of rent paid for housing by 16 percent compared to its level in 2018, according to data from the General Authority for Statistics.
The bulletin reviewed the performance of some of the programs of the housing system, and “Residential” showed a positive development by enabling 49,566 Saudi families to live in new homes during the first quarter of 2021, and Wafi issued 19 licenses to sell residential units in projects under construction providing more than 16,000 housing units, and the “Completion” program approved 6 residential plans exceeding 12 million square meters and issuing licenses to build about 3,000 housing units.The growth rate of new real estate loans to individuals increased by 5.8 percent quarter-on-quarter and 26 percent year-on-year, reaching 92,111 contracts worth 48,022 billion riyals in the first quarter of 2021, and villas received the highest percentage of 79.7 percent, while apartments received 15.5 percent of the financing rate, and 4.8 percent for land financing - according to data from the Saudi Central Bank -.
According to data from the Saudi Central Bank.
