The Tabuk and Al-Baha regions topped the Saudi regions in terms of rising real estate prices during the fourth quarter of last year on an annual basis.
According to the financial analysis unit in Al-Eqtisadiah newspaper, these increases come as the Tabuk region benefits from the huge construction movement in the city of NEOM, whose investments are expected to reach 500 billion dollars, and the Al-Baha region is one of the tourism projects targeting the region.
According to the analysis, which was based on data from the General Authority for Statistics, real estate prices in the two regions increased by 4.9% and 1.6%, driven by the rise in residential real estate at higher rates of 5.3% and 3%, respectively, so that demand for housing is the main driver of rising prices with the economic boom in the country. Attracting many companies whose employees need housing, in addition to the huge housing financing programs that reached their peak after Corona, with the aim of raising the percentage of citizens owning their homes.
During 2023, real estate prices rose by 0.7%, which is the fourth annual rise in a row, which resulted in an increase in demand for real estate, while 2019 was the last year of price contraction with the economic slowdown at the time.
Real estate prices increased during 2023, affected by a 1.1% rise in “residential” prices, while the commercial sectors decreased by 0.1% and the agricultural sectors decreased by 0.3%.
Among residential real estate, residential lands and apartments increased by 1.1% and 0.8%, respectively, while villa and condominium prices fell by 3.2% and 0.9%, respectively.
The increase in apartment prices can be explained by the increase in demand for them in light of the change in the housing culture in the country by citizens, in addition to the large increase in the number of residents who prefer this type of housing.
Financial analysis unit
This news article has been translated from the original language to English by WorldsNewsNow.com.
You can visit the original source at the link below.
Original Source Link