Saudi home completions rose 4% to reach almost 345,000 last year

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RIYADH: Saudi housing completions rose 4.3 percent last year to 344,553 units, SPA reported.

Construction started on 350,580 housing units in 2020, reflecting an annual growth rate of 9 percent.

The housing support program also helped about 222,000 families, posting a record increase in 2020 the news agency said, citing a report from the Housing Data and Observatory Center (HDOC).

Saudi Arabia is investing heavily in new housing across the Kingdom to meet huge pent up demand while at the same time a fledgling mortgage market is helping thousands of Saudi homebuyers tap finance.

New housing finance provided to Saudi families increased to 295,590 contracts during 2020, including 87,085 contracts in the fourth quarter, with a value exceeding SR44 billion ($11.72 billion).

Rents fells by 2.4 percent last year, it said.

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