Riyadh tops Saudi Arabia’s residential market boom

Saudi Arabia’s residential market continued on a path of sustained growth in the second quarter, with apartment values in the capital Riyadh accelerating at the fastest pace in at least 2017, according to Knight Frank.

The government’s various initiatives are contributing to an “acceleration in home ownership rates across the kingdom,” Faisal Durrani, head of Middle East research at Knight Frank, wrote in a note.

Apartment values in Riyadh grew 7.6 per cent year on year in the second quarter, according to the report.

More from Knight Frank:

• Number of residential transactions in Riyadh are up 77 per cent and in Jeddah up 44 per cent
• Office market, with the exception of Riyadh, rental rates continue to ebb as demand remains muted
• Knight Frank expects total office stock in Riyadh and Jeddah to reach 5.3m sqm and 1.8m sqm, respectively, by the end of 2023
• Headline lease rates in prime shopping malls across the country fell between 1 per cent and 5 per cent over the last 18 months