Global agency Standard & Poor's has predicted continued strong demand for Saudi Arabia's real estate sector, supported by Vision 2030 investments that will attract new businesses and expatriates.
According to the agency, the expected decline in interest rates starting in the second half of this year will contribute to reviving mortgage demand after the decline in 2023.
The agency explained that the expected decline in interest rates starting in the second half of this year will contribute to reviving mortgage demand after the decline it witnessed during last year 2023.
New residency support for foreign ownership of real estate
S&P also noted that the new residency system announced by the Kingdom in January will support foreign ownershipreal estate, which will stimulate demand for real estate, as the agency expects off-plan sales projects to witness significant growth during the coming period.
S&P also noted that the new residency system announced by the Kingdom last January will contribute to supporting foreign ownership. The global agency expects GDP and population to grow at rates ranging from 2% to 3%, which are two of the catalysts that support the growth of real estate demand.
Standard said. <S&P also said that a strong recovery in the tourism sector will support the aviation, leisure and hospitality, and retail sectors, which will support real estate demand. A shortage of real estate in Riyadh will keep pressure on prices, restraining buyers amid high mortgage rates.
