A Sales Director at Al Rajhi Investment Co. said real estate prices in Saudi Arabia are likely to rise by 25% to 40% in the coming period, Asharq News reported.
Hossam Ahmed added that premium residency is a unique opportunity for the real estate market which can contribute to the sector’s growth in the coming period by more than 300%, the report said.
The comments were made at the Real Estate Future Forum in Riyadh.
Prices to purchase or rent homes in the Kingdom have skyrocketed in recent months and years.
At the same forum, CEO of the Kingdom’s Real Estate General Authority Abdullah Al-Hammad said that Saudi Arabia’s real estate sector is seeing huge transformations.
On Jan. 22, Ahmed Al-Rajhi, Saudi Arabia’s minister of human resources and social development, said at the forum that property development has emerged as a powerhouse for job creation and sectoral advancement in the Kingdom.
