Saudi Arabia’s real estate supply reservations more than double – Arab News

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RIYADH: Citizens in Saudi Arabia are gaining greater access to residential units as the real estate supply reservations surged 110 percent year-on-year in November to reach 12,503, according to new figures.  

The Kingdom’s National Housing Co. announced that residential units were sold at competitive prices starting from SR250,000 ($66,649) compared to the previous year’s rates, in which the lowest contract amounted to SR321,000 per residential unit, the Saudi Press Agency reported. 

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This falls in line with the Gulf country’s plans and strategies to launch several extensive residential projects in order to achieve a balance between population growth and rapid urban expansion. 

This also comes as the rise in population density has led to increased demand for housing. Thus, the Kingdom is working to boost the real estate supply to meet this need, aligning with a sustainable urban approach.

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