The periodic bulletin of the Housing Data and Monitoring Center revealed the completion of construction work on more than 106,000 new housing units and the start of construction of 101,000 housing units under construction in the Saudi market during the first quarter of this year 2021. .
The bulletin reviews many information and statistics approved by official sources on the latest developments in the local housing and real estate finance sector, and details of the bulletin can be found on the website.
The bulletin showed a remarkable growth in the number of new housing units, which were completed during the first quarter of this year by 29% with 106.51 thousand housing units compared to 82.56 thousand units during the first quarter of 2020, and 0.6% growth compared to the fourth quarter of last year, indicating the contribution of the housing system programs \u201cSakani\u201d and \u201dWafi\u201d 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 in 101.58 thousand housing units during the first quarter of 2021, recording a growth of 18 percent compared to the first quarter of 2020, which recorded 85.92 thousand units, and an increase of 0.7 percent compared to the fourth quarter of last year, and the start and end of construction is one of the indicators that reflect the development of the number of new housing units built, whether through \u201cself-construction\u201d or the \u201cResidential\u201d program in partnership with the private sector.
The bulletin pointed out that the average prices of residential apartments decreased during the first quarter of 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 of the \u201cSakani\u201d and \u201dWafi\u201d 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 transactions, which exceeded 255,000 transactions - according to Ministry of Justice data - during the past year 2020.
In the first quarter of 2021, more than 82,000 sales contracts were issued for residential properties, and the residential paid rent index decreased by 16 percent compared to its level in 2018, according to data from the General Authority for Statistics (GASTAT).
The bulletin reviewed the performance of some of the programs of the housing system. \u201cSakani\u201d showed a positive development by enabling 49,566 Saudi families to live in new homes during the first quarter of 2021, and the \u201cWafi\u201d program issued 19 licenses to sell residential units in projects under construction providing more than 16 thousand housing units, and the \u201cCompletion\u201d program approved 6 residential plans exceeding 12 million square meters and issuing licenses to build about 3 thousand housing units.
She noted that 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 -.<\/p>","protected":false},"excerpt":{"rendered":"
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