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THE MILLENNIUM GROUP OF COMPANIES

THE MILLENNIUM GROUP OF COMPANIES

Real estate Prices in Riyadh have Increased by 60%

Riyadh is the capital city of the Kingdom of Saudi Arabia, located in the country’s central region. It is the largest city in Saudi Arabia, with over 8.3 million people. The city is known for its modern architecture, luxury shopping malls, and cultural attractions, such as the King Abdulaziz Historical Center and the National Museum of Saudi Arabia. Riyadh is also an essential economic hub in the Middle East, with a thriving business district and many multinational corporations operating within the city.

In this news, we will tell you the latest news, real estate prices in Riyadh have increased by 60%.

Real estate Prices in Riyadh have Increased by 60%

According to recent reports, there has been a 60% spike in property prices in Riyadh’s real estate market due to the city’s booming population. The population increased by 20% from 1970 to 2020, and the majority of residents are under the age of 30.

Moreover, The Saudi Arabian government has prioritised real estate due to the country’s constantly evolving population. Because of these changes, many residents of rural areas move to urban areas in search of a job. Hence, it is expected that 100,000 new homes will be built in Riyadh, the Kingdom’s capital, by the end of 2023.

As per the vision of the 2030 plan, Saudi Arabia plans to construct eight novel megacities. Some are given below

  • Neom
  • Qiddiya
  • Red Sea Project
  • Amaala
  • Al-Ula
  • Diriyah Gate etc

This will be supported by an investment of about $575 billion. However, Saudi Arabia can establish 1.3 million housing units because of its fund. The recent real estate boom in Saudi Arabia has impacted property prices in Riyadh.

You may also like this post: Buying a Home in Dubai Now Takes as Little as Five Minutes Thanks to the New Quick Sale Feature.

Manahil Tariq
Manahil Tariq

Manahil Tariq, A content writer and copywriter with over 2 years of experience. Throughout her career, she worked with a diverse group of clients from around the world. She also works with real estate firms and marketing agencies. Writing is where her skills and expertise really shine.

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