{"id":89769,"date":"2024-09-18T00:00:00","date_gmt":"2024-09-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/18\/riyadh-jeddah-ramp-up-residential-unit-supply-amid-rising-demand\/"},"modified":"2024-09-18T00:00:00","modified_gmt":"2024-09-18T00:00:00","slug":"riyadh-jeddah-ramp-up-residential-unit-supply-amid-rising-demand","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/18\/riyadh-jeddah-ramp-up-residential-unit-supply-amid-rising-demand\/","title":{"rendered":"Riyadh, Jeddah ramp up residential unit supply amid rising demand"},"content":{"rendered":"

Residential markets swell on solid demand for homeownership<\/strong>: <\/strong>Riyadh added some 16.2k new residential units in 1H 2024 alone, bringing its total stock to 1.46 mn units, according to a report (pdf)<\/a> by real estate services firm Jones Lang LaSalle (JLL). Meanwhile, Jeddah\u2018s stock was up by 11.3k units to 891k over the same period, with both cities projected to put on an additional 16k units by year-end. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.) <\/a> <\/p>\n

The number of mortgage contracts in the Kingdom grew 12% y-o-y in 2Q 2024<\/strong>, with a total of 24.5k contracts worth a combined SAR 18 bn<\/p>\n

Rental and sales rates are on the up: <\/strong>Riyadh recorded a 10% y-o-y rise in housing sale prices and a 9% hike in rental rates by June 2024. Meanwhile, sale prices and rental rates in Jeddah were up 5% and 4% during the same period.<\/p>\n

REMEMBER- Rental rates are a consistent driver of consumer inflation:<\/strong> House rental prices \u2014 the heaviest weighted component in the Saudi consumer basket \u2014 rose 10.7% y-o-y in August<\/a>, fueled by a 10.8% spike in apartment rents. Consumer inflation for the month came in at 1.6% y-o-y. <\/p>\n

Some challenges remain: <\/strong>Despite a generally positive outlook, rising land rates \u2014 especially in Riyadh \u2014 volatile construction costs, capacity constraints, and high shipping and financing costs are some of the hurdles developers face. These challenges have delayed some projects, leading some investors to adopt a more cautious approach to the market.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgages were up 12% y-o-y in 2Q 2024, at 24.5k contracts worth some SAR 18 bn<\/p>\n","protected":false},"author":1,"featured_media":89770,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2574],"tags":[10,1955,106],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam-ksa","tag-jll","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"9d6c6fc3-ff70-4ecd-8e67-645f50dd8279","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/384.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Riyadh, Jeddah ramp up residential unit supply amid rising demand","related_issue":[89752],"teaser":"Mortgages were up 12% y-o-y in 2Q 2024, at 24.5k contracts worth some SAR 18 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.e727710a-2b95-442c-a0ce-0a7ce7725ca3.mp3"},"yoast_head":"\nRiyadh, Jeddah ramp up residential unit supply amid rising demand - 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