Real estate prices in Saudi Arabia to rise by 40%: Al Rajhi Investment exec

Sales Director at Al Rajhi Investment Co., Hossam Ahmed

Real estate prices in Saudi Arabia are likely to rise by 25% to 40% in the coming period, Asharq News reported, citing Sales Director at Al Rajhi Investment Co. Hossam Ahmed.

On the sidelines of the Real Estate Future Forum, Ahmed said that premium residency is a unique opportunity for the real estate market. It can contribute to the sector’s growth in the coming period by more than 300%.

The Kingdom is currently experiencing a real estate boom, as more than 50% of real estate traffic is concentrated in Riyadh.

Ahmed noted that there is a shift in real estate ownership and acquisition, adding that the demand in the real estate market improved, specifically for the commercial properties.

There is a trend among all developers now is to provide commercial and residential real estate units, and there is a shift from owning residential homes to residential apartments, he highlighted.

Ahmed estimates interest rates to have a limited impact in light of the current situation in Saudi Arabia, the launch of premium residency, and the expected growth of the real estate market during the coming period.