Saudi Arabia’s residential market adds 106,500 units in Q1 2021: HDOC

Riyadh City

The Saudi residential market added over 106,500 homes in the first quarter of 2021, a rise of 29% year-on-year (YoY), according to a bulletin issued by the Housing Data and Observatory Center (HDOC), a unit of the Ministry of Housing.

As many as 92,000 mortgage contracts were signed with Saudi households at a total value exceeding SAR 48 billion, an increase of 48% YoY.

Data also showed that the number of Saudi workers in the construction and real estate sectors reached above 300,000 employees, of which 33% are women.
 

During the first quarter of the year, the construction of 21,840 and 24,810 housing units was completed in Riyadh and Makkah, respectively.

Moreover, construction works began for 101,600 housing units in Q1 2021, a rise of 18% YoY.

At the level of provinces, Madinah recorded the highest increase of 25% quarter-on-quarter in the number of housing units, while Al-Qassim saw the highest YoY increase of 61%.

Construction works were started in Riyadh for 20,210 new housing units, compared to 22,210 units in Makkah during the first quarter.