Riyadh Residential Market is Expected to Showcase High Growth on Account of Multiple Reforms, Execution of Masterplans: Ken Research

• Over 80 mega projects (each worth of atleast USD 1.0 billion) were observed in different stages/phases of completion as per Saudi Vision 2030 NDP (National Development Plan).
• In accordance with the Ministry of Housing, the increasing focus of Saudi Arabian government towards providing more affordable housing continues in the Saudi Capital Riyadh, as the association distributed approximately 15,272 affordable residential products in Riyadh during the Q1 2018.
• High outflow of foreign nationals (expats) could create a negative impact on the country’s residential market, especially over Riyadh in the near future as the capital city leads in terms of Non-Saudi population.

Riyadh residential market is expected to showcase high growth on account of rising urban population and increasing affordability of consumers in Riyadh city. In accordance with the Saudi Vision 2030, the Saudi Arabian PIF-Public Investment Fund and Ministry of Health (MOH) launched Saudi Real Estate Reliance Company, a joint venture that aims at increasing home ownership by over 50.0% by the year ending 2020. The Company in 2017 provided more than 280,000 products including 85,000 facilitated loan options; 77,000 developed residential lands and 120,000 residential units. Thus, it is expected to create a positive impact within the country’s residential space over long term.
Key upcoming masterplans such as King Abdullah Financial District (KAFD), Red Sea Project, NEOM city, Jeddah Tower, Al Widyan, The City of Tomorrow and others are also predicted to bring in multiple households in future. In addition to that, economic diversification away from the oil and gas sector under KSA Vision 2030 is further expected to result in growth of all economic sectors, which could aid in generating more residential demand over the long term.
The Saudi Arabian real estate sector has been the keystone of government initiatives in the recent years. These include introduction of a 2.5% White Land Tax (WLT) on undeveloped land plots, 5.0% VAT, the approval of regulations for the use and listing of Real Estate Investment Trusts (REITs), the introduction of a new mortgage law to boost Saudi Arabia home ownership rate, the development of a home-building programme namely Sakani by the Ministry of Housing (MOH), the launch of Wafi online program and the creation of Real Estate Refinance Company by the PIF (Public Investment Fund).
Over the past few decades, Riyadh has been catering to an influx of expats who generally find accommodation for residential compounds, apartments and high-end furnished villas. Implementation of Saudization policy will restrict the influx of foreign expatriates, as majority of them have their accommodation costs paid directly by their employer thus, creating a negative impact on the Riyadh residential market.
Research Analysts at Ken Research in their latest publication “Assessment of Master Plans in Riyadh – Outlook to 2023” believe that introducing multiple financing options to improve mortgage penetration, high availability of land area, entry of large scale real estate developers and rising affordability will contribute to an increase in the total number of households within Riyadh over long term.

For more information on the research report, refer to below link:
https://www.kenresearch.com/manufacturing-and-construction/real-estate/saudi-arabia-masterplan-market-report/179513-97.html

Key Segments Covered:
Type of Residential Units / Stock Distribution
• Villa
• Apartment
• Traditional House
• Floor in a Villa
• Floor in a Traditional House
• Others
Region
• Northern Riyadh
• Central Riyadh
• Eastern Riyadh
• Western Riyadh
• Southern Riyadh

Key Target Audience:
• Real Estate Developers
• Third Party Real Estate Companies
• Independent Architects
• Government Associations
• Government Agencies
• Independent Investors
• Real Estate Consulting Companies

Time Period Captured in the Report:
• Historical Period – 2016-2018
• Forecast Period – 2019-2023

Masterplan Case Studies Covered:
• Al Shroog Masterplan
• Loa’loat Al Sharg Masterplan
• Al Rimal (Western) Masterplan
• Modon Al Sharg Masterplan
• Bawabat Al Sharg (Al Muzaini Real Estate – East Gate) Masterplan
• Al Ma’ali Masterplan
• Al Qadisiya Masterplan

Key Topics Covered in the Report
• Executive Summary
• Research Methodology
• Riyadh City Review
• Factors Influencing Riyadh Residential Market
• Supply and Demand Assessment in Riyadh by Segment (Apartment, Villas and Vacant Lands), 2016-2023E
• Residential Supply Characteristics in terms of Housing
• Market Insight and Performance
• Analysis of Sale Price Determinants
• Infrastructure Development Cost
• Land’s Prices Comparison in Eastern Side of Riyadh City
• Land’s Price Assessment in Riyadh City (North, South, East, West of the City)
• Construction Costs for Different Classes (Low / Mid / High-End) by Residential Asset Type (Villa, Apartment and Residential Compound) in Riyadh, 2018
• Typical Characteristics of Apartments in Riyadh
• Typical characteristics of Villas in Riyadh
• Riyadh Residential Market Outlook, Opportunities and Future Development Trends
• Key Expected Upcoming Masterplans in the Saudi Arabia
• Common Big Masterplans Characteristics in Riyadh
• Does the Landscape of Residential Sector in Saudi Arabia is forecasted to be Positive and encouraging to invest in this Sector?
• Key Features and Characteristics of Residential Sector in Saudi Arabia
• Competitive Analysis of Case Studies

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https://www.kenresearch.com/consumer-products-and-retail/consumer-services/city-profile-riyadh/110423-95.html

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