RIYADH: According to Realiste, property prices have soared by 60% in the real estate market of Riyadh as the population growth increases.
From 1970 to 2020, the population of the country has grown by over 20%, and a majority of its inhabitants are below the age of 30.
In light of the rapidly evolving demographics of Saudi Arabia, real estate has become a key focus for the local government in recent years.
Owning to these changes, a significant number of young individuals move from rural areas to urban centres in search of job prospects. As a result, it is anticipated that 100,000 new homes will be constructed in Riyadh, the capital of the Kingdom, by the end of 2023.
According to Vision 2030 plan, Saudi Arabia intends to construct eight novel megacities, such as Neom, Qiddiya, Red Sea Project, Amaala, Al-Ula, Diriyah Gate, and others, which will be supported by an investment of almost $575 billion.
This funding will enable the establishment of 1.3 million housing units. This real estate boom in Saudi Arabia has affected property prices in Riyadh.
As per Realiste, property prices have surged by 9% in the last six months, and some districts have observed price increases of up to 60%.
For news and blogs, visit Graana.com
Kalabagh, a small yet historically significant town in Pakistan’s Punjab province, is located within the…
Nazimabad Number 2 is a well-known neighbourhood in Karachi, Pakistan, renowned for its vibrant community,…
Quetta Town is a residential neighbourhood located in the vibrant city of Karachi, Pakistan. Known…
Akbar Chowk in Lahore stands as one of the city’s most critical intersections, serving as…
Khuda Baksh Colony, located near Bhatta Chowk in Lahore, is a rapidly developing residential area…
Gol Market in Karachi is one of the city's most iconic and bustling commercial centres.…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
