The Saudi government focus on providing affordable housing for Saudi nationals is expected to boost the Saudi real estate sector, says JLL.
Aligned with the National Transformation Program (NTP) the Ministry of Housing aim to increase Saudi property ownership from 47 to 52 per cent through increasing affordable housing options.
The Ministry of Housing focused on this during the second quarter of 2018, with eight new agreements and the distribution of 105,714 affordable residential units.
Despite little change in the market conditions, the governments are still launching ambitious real estate projects around Riyadh.
According to JLL, the number of residential stock in Riyadh remains unchanged at approximately 1.26 million units, with 15,000 units expected to complete by the end of the year.