A survey conducted by Amlak Real Estate on Twitter, regarding the reasons for the rapid reservations for residential projects offered by the National Housing Company—specifically the “Al-Narges View” project, for which the first reservation phase has been completed—generated widespread discussion among real estate professionals.
A total of 584 interested parties participated in the survey, with 53.2% of respondents confirming that the rapid completion of reservations indicates a shortage of suitable housing options, while 7.3% of them believed that the specifications of the villas on offer met their preferences, and 39.5TP3T felt that the reservations stemmed from a strong desire to own a home.
Survey figures neither lie nor embellish; they are an honest mirror reflecting the reality as seen by the real estate community from multiple angles. Taken together, these opinions complement one another, and when subjected to sound scientific analysis by decision-making bodies, they will inevitably lead to radical solutions to the housing crisis—a crisis whose roots are now laid bare, awaiting the creation of more flexible mechanisms that are in line with citizens" economic realities.
Certainly, when social media feeds and pages fill up with booking requests within hours, this is an achievement to the credit of the developer, but at the same time, it is a bad sign for the real estate market. This rapid demand indicates that the supply in the market is completely out of step with the middle class, whose ultimate dream is to obtain suitable housing; This is due to the high prices of residential real estate and the end consumer’s inability to purchase. A question arises, and its answer requires careful consideration, patience, and analysis: "What are the reasons behind the inflated prices of villas?” compared to similar villas in residential projects affiliated with the Ministry, as the survey confirmed that the prices of those villas range between 2 and 4 million riyals; this has led to a slump in some projects, defying real estate marketing theories, Citizens no longer purchase at any price offered to them; rather, they are constantly searching for the most affordable option with specifications that satisfy them, especially after the real estate market and the rental index have clearly laid out the situation before them.
We hope that all relevant authorities will assess and analyze the situation driving these price increases and develop a roadmap to achieve a balance between supply and demand.
