{"id":33701,"date":"2021-11-04T09:41:06","date_gmt":"2021-11-04T06:41:06","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=33701"},"modified":"2021-11-04T09:41:06","modified_gmt":"2021-11-04T06:41:06","slug":"%d8%aa%d9%82%d8%b1%d9%8a%d8%b1-%d9%8a%d9%83%d8%b4%d9%81-%d8%a3%d8%b3%d8%b9%d8%a7%d8%b1-%d8%a7%d9%84%d8%b4%d9%82%d9%82-%d8%aa%d8%b1%d8%aa%d9%81%d8%b9-%d8%a8%d8%a3%d8%b3%d8%b1%d8%b9-%d9%88%d8%aa%d9%8a","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/33701\/","title":{"rendered":"Between Riyadh and Jeddah...Report reveals: Apartment prices are rising at the fastest pace in five years"},"content":{"rendered":"

Saudi Arabia's residential market continues to expand at a rapid rate, as evidenced by the continued strong acceleration in prices, according to the latest analysis by real estate consultancy Knight Frank.

Riyadh and Jeddah<\/span><\/strong>

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Faisal Durrani, Partner and Head of Middle East Research at Knight Frank, explained: \u201cThe government's campaign to boost homeownership rates began in 2016, yet it was only in 2019 that house prices began to accelerate. In fact, apartment prices in Riyadh have risen by .4 since 2019.

Impact of the \u201cResidential\u201d and \u201dWafi\u201d programs\u201d<\/span><\/strong>

Perhaps unsurprisingly, some of the pressure points that have begun to appear in the market have not seen any apparent price cooling, quite the opposite, thanks to programs like Sakani and Wafi, which saw 160,000 households benefit in the first half of 2021.

Knight Frank's analysis suggests that villa price growth is slowing and may be linked to affordability issues, along with other structural changes in the market.

\u201cUnexpectedly, home ownership has actually become more affordable since the launch of the National Transformation Plan. Two-bedroom apartments, for example, cost an average of 2.4 times annual income, compared to a multiple of 2.7 times in 2016, which is well within globally accepted affordability thresholds.

While villas are also becoming more affordable, they still cost anywhere between 7-12 times annual income.\u201d.

In addition to affordability challenges, social changes are expected to drive demand away from traditional standalone properties such as villas and towards smaller units, where community and lifestyle are at the center of developments, providing modern amenities and set to reshape the Kingdom's residential landscape.

Buying an apartment as a first home
<\/span><\/strong>
\u201cIt's not just affordability that has become an issue when it comes to villas, it's now becoming more culturally acceptable for a family to buy an apartment as their first home.

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Despite affordability issues for large homes and changing supply and demand dynamics, Knight Frank's outlook for the sector remains buoyant, not least because of the limited supply, which is expected to add 730,000 homes to Riyadh by the end of 2030, which according to Knight Frank represents a shortfall of at least 420,000 homes.

Uneven affordability<\/span><\/strong><\/p>\n\n\n\n


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\u201cThe disparity in Jeddah's residential market is in large part due to affordability, with villas in Jeddah costing more than 12 times annual income, well above the globally accepted levels of 4-6 times income,\u201d Durrani noted.

Mirroring the Jeddah market, average apartment prices in the Dammam area increased by %5.5 until the third quarter of 2021, while average villa prices decreased by %1.9 during the same period.

Unlike Riyadh, developers are responding with an increasing number of townhouse projects emerging as an alternative option for first-time buyers.

These are being priced at a more affordable level (e.g. SAR 1 million versus the average annual income in the Dammam area of SAR 215,000), which Knight Frank believes will help bridge the affordability gap in the region's residential market.<\/p>","protected":false},"excerpt":{"rendered":"

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