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Saudi Arabia’s Housing Development

The first hotel in the country, which is intended exclusively for women, was inaugurated in the capital of Saudi Arabia, Riyadh. Within the framework of the “sakani” program, the Ministry has allocated ready-made housing units in cooperation with the private sector, within two sites are available for purchase, including the “Parisiana” Project, which provides 686 apartments with an area of 133-179 square meters on a total area of 813,642 square meters.
While recent performance has not met expectations – the Real Estate Price Index for Q1 of 2019 declined 0.4% compared to Q4 of 2018 and 4.9% compared to Q1 of 2018 3 – industry experts are confident that Saudi Arabian real estate is a long-term winner.

The partnership with the ministry of Housing is another initiative focused on support to the role of the NGOs and cooperatives system in the country in order to match housing demands by several target groups not reachable through private sector housing provision mechanisms.
The St. Valentine’s Day :Saudi-lovers-are-prohibited-to-present-roses has also been prohibited by the Vice Squad of Saudi Arabia as a non-moslem hoiliday that cannot be celebrated and is a sin and contributes to the non-marital relationships between men and women.

The suburb of Al-Jawhara, comprises three housing projects, including Al-Jawhara Residence providing 990 units; Bouvardia City with 2606 units; and Finan with 1407 units, which are strategically located near the King Abdullah Sports City along the Al-Haramain Road.
A joint study was conducted between the Ministry of Municipal and Rural Affairs in Saudi Arabia and UN-HABITAT to evaluate the state and status of women and youth in Saudi cities and provide guidance for additional research to develop concrete and actionable policy solutions.
The” Mallay Anan”housing project, offers 440 townhouses on an area of 105,831 square meters, near the Dammam and Khurais roads, within the Ministry’s projects in cooperation with the private sector, with areas ranging between 220-400 square meters per unit, with prices starting at SR680,000 and 2636 riyals installment per month, the “Riyadh housing 1” is one of the Ministry’s projects in cooperation with the private sector.

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, set up last year a real estate refinancing company that will help to pump liquidity into the real estate financing market, which is forecast to rise to 500bn riyals by 2026 from 280bn riyals in 2017.

However the kingdom´s economy is expected to slow in 2019 to 1.8% growth, reflecting a round of oil production cuts announced in December 2018, according to the IMF´s Gita Gopinath Also the whole region´s growth is slowing due to geopolitical tensions, weak oil output, tightening financial conditions in Pakistan, and US sanctions on Iran.
The first phase of the project comprises more than 3,300 residential plots, seven schools, two kindergartens, two health care centres, 18 mosques, 14 commercial plots, a civil defence centre, a number of petrol stations and five plots designated for government buildings.

Recently, foreigners have been limited to a purchase of a single home in China, the government is urging banks to curtail credit used for real estate purchases (not expected to have much of an effect since most purchases are 100% cash), and is talking about limiting the number of houses, apartments, or condos that their citizens can own at one time.
While the opportunities in the country’s current real estate market are exciting and promising, it also presents an inviting challenge to the local industry professionals to transition quickly and effectively from land development to real estate development.

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