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Riyadh and the residential property boom

Apr 6, 2023 | Home Design

Ryiadh and the residential property boom

Saudi Arabia’s capital city, Riyadh, has seen a rise in residential construction recently. A number of causes, including the nation’s efforts to diversify its economy, rising urbanisation, and population expansion, have contributed to this increase. This has also resulted in significant price rises with some districts reporting rises by as much as 60% over the last 6 months.

The Saudi government’s Vision 2030 plan, which intends to lessen the nation’s dependency on oil earnings and diversify its economy, has been one of the primary factors contributing to this surge. The government has made significant investments in infrastructure and building projects, including the development of new homes in Riyadh, as part of this strategy.

As more and more individuals relocate from rural areas to the city in quest of better work opportunities and a higher standard of living, the city has also experienced a major increase in urbanisation. As a result, there is now a desire for more housing alternatives in the city, which has raised the cost of real estate. An estimated 100,000 new homes will be built in 2023.

The surge in residential real estate in Riyadh has also been influenced by the population increase. Almost 8 million people currently live in the metropolis, which has seen steady population growth in recent years. As a result, there is a housing shortage, which has caused property prices to rise even more. Saudi Arabia, to entice more foreigners to Riyadh and other parts of the Kingdom, is also loosening rules that apply to ex-pats and visa requirements.

There are also plans for 8 new large cities to be built by 2030 with an investment strategy of over 500 bn.

Overall, economic diversification, urbanisation, and population increase have all contributed to Riyadh’s real estate boom. While this increase offers opportunities for investors and developers, it also creates difficulties for the development of cities and the availability of affordable housing.

UMA Interiors in Ryadh

UMA Interiors has experience in interior design and architecture for both the residential and commercial sectors. If you want to consult with our team about any projects in Riyadh you can contact us at any time. Riyadh has an exciting future and UMA Interiors wants to be a part of that future.

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