A recent report by Knight Frank revealed that 72 percent of residents are actively looking to buy property. Demand is especially strong among high-income Saudis earning over SR50,000 ($13,300) per month, with 93 percent eager to purchase a home.

The survey of over 1,000 individuals, including 835 Saudis and 100 expatriates, also highlighted a rising interest in homeownership among non-citizens. Around 77 percent of expatriates expressed a desire to own homes in the Kingdom.

This shift reflects Saudi Arabia’s evolving real estate landscape as the country works toward its Vision 2030 goal of increasing homeownership to 70 percent. By the end of 2023, the homeownership rate had already reached 63.7 percent, putting the Kingdom on track to achieve this target.

Despite these gains, affordability remains a major challenge. Many aspiring homeowners are now considering renting as an alternative. In 2024 alone, housing transactions totaled SR267.8 billion across 236,690 sales. This marks a 37 percent increase in transaction volume and a 27 percent rise in value compared to the previous year.

Several key factors are driving this surge in homeownership demand. Many buyers see real estate as a smart investment, while others are drawn to family-friendly communities and high-quality housing. The survey found that 48 percent of respondents were seeking a primary residence, while 31 percent were looking for homes for their children or extended family. These figures indicate that real estate is not just a financial asset but also a long-term stability plan for many families.

Saudi Arabia’s property market has experienced significant price hikes, especially in major cities. Since 2019, apartment prices in Riyadh have surged by 75 percent, while villa prices have increased by 40 percent. In Jeddah, real estate transactions jumped 53 percent in 2024 alone, with property values rising by 43 percent. Dammam has also seen impressive growth, with residential transactions up by 49 percent and apartment prices increasing by 6.2 percent.

While the government is working to increase housing supply, affordability issues persist, particularly for middle-income buyers. Although luxury and premium housing options are expanding, many buyers struggle to find homes within their budget. Most prospective homeowners plan to spend between SR750,000 and SR2.5 million. However, market trends show a mismatch, as the average price of a four-bedroom villa in Riyadh stands at SR2.8 million—beyond the reach of many middle-class buyers.

Financing plays a crucial role in homeownership. According to the report, 58 percent of Saudi buyers rely on family support for their purchases, while 40 percent use self-financed solutions. Mortgage-backed transactions are also increasing, thanks to government initiatives such as Sakani and Dhamanat, which provide easier access to home loans.

The housing preferences of buyers are evolving. More than half of the survey respondents prefer villas, with wealthier Saudis favoring larger properties. However, townhouses and apartments are growing in popularity, especially among younger buyers and middle-income families seeking affordable alternatives. Riyadh and Jeddah remain the top choices for homebuyers, with 54 percent of respondents favoring the capital city as their preferred location.

Although property ownership remains strong, the rental market is also expanding. Many younger Saudis and expatriates are opting for rental properties due to rising housing costs. This trend reflects the dynamic nature of Saudi Arabia’s real estate market, where both homeownership and rental demand continue to evolve.

With Saudi Arabia making significant investments in its real estate sector as part of Vision 2030, the market’s future will be shaped by affordability, price trends, and shifting consumer preferences. As the Kingdom nears its 70 percent homeownership goal, how well the sector adapts to these challenges will determine its long-term success.

The post Saudi Arabia’s Housing Boom: Demand Soars as Prices and Ownership Rates Climb appeared first on Housing TV Africa.

Folashade has called on the Federal Government to construct 3,600 housing units specifically for market traders nationwide, addressing a long-standing challenge that has left many struggling with accommodation insecurity.

During an advocacy visit to the Minister of State for Housing and Urban Development, Abdullahi Ata, in Abuja, Tinubu-Ojo made a passionate appeal for the government to take immediate steps toward affordable housing solutions for women in trade. The Iyaloja General, who is also the daughter of President Bola Ahmed Tinubu, highlighted how crucial it is to recognize the economic contributions of market women and reward their efforts with policies that uplift their living standards.

Her proposal outlines the construction of 100 housing units in each of Nigeria’s 36 states and the Federal Capital Territory, ensuring that thousands of hardworking market traders finally have a place to call their own. Stressing the urgent need for structured mortgage schemes, Tinubu-Ojo emphasized that housing security plays a fundamental role in economic stability. Many women in trade, she noted, find it nearly impossible to own homes due to financial barriers, making them vulnerable to unstable living conditions.

As key contributors to Nigeria’s trade and commerce, market women play a significant role in national development. However, the lack of stable housing affects their financial well-being, productivity, and overall quality of life. This initiative is designed to close the gender gap in homeownership, empowering these women with affordable and accessible housing,” she stated.

Beyond offering shelter, the proposed housing initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes improving citizens’ lives through strategic interventions. Tinubu-Ojo reminded government officials that market women played a critical role in grassroots mobilization for the current administration and that their unwavering support should be reciprocated with policies that improve their standard of living.

In response, Minister Abdullahi Ata praised the Iyaloja General for her advocacy and commitment to the welfare of Nigerian market traders. He assured her that the proposal would be given serious consideration, promising to push for its inclusion in the government’s supplementary budget discussions.

“I appreciate your dedication to the cause of market women. The government remains committed to promoting equitable access to housing, and I will do my best to ensure this proposal is thoroughly reviewed. I will advocate for its consideration by the Federal Executive Council, exploring its feasibility within our housing initiatives,” Ata stated.

The proposed housing units, if approved, will be developed in phases across all states and the Federal Capital Territory. A transparent mortgage system will be introduced to ensure affordability, allowing market women to acquire homes through reasonable installment payments. Additionally, the initiative is expected to boost economic activity by creating jobs in the construction sector while also addressing the country’s ongoing housing deficit.

Stakeholders and market associations have welcomed the Iyaloja General’s initiative with optimism, commending her relentless efforts to secure better living conditions for Nigeria’s trading community. Many believe that if implemented, the project will be a game-changer, providing economic empowerment and social security for thousands of women who have long been overlooked in national housing policies.

As the conversation around affordable housing for market women gains momentum, all eyes are now on the Federal Government to take decisive action in making this vision a reality. With strong advocacy and governmental support, the dream of homeownership for Nigeria’s hardworking market women may soon become a reality.

The post Tinubu Ojo Advocates 3,600 Homes for Market Women appeared first on Housing TV Africa.