RIYADH — Although market conditions in Riyadh remain relatively unchanged this quarter, the governments’ continued focus on providing more affordable housing to drive home ownership amongst Saudi nationals will in turn boost the capital’s overall real estate sector, says JLL’s latest report.

In line with the National Transformation Program 2020, the Ministry of Housing aims to increase home ownership for nationals from 47% to 52% through boosting affordable residential supply. A continued focus on this sector of the market was evident this quarter with the Ministry announcing eight new PPP agreements and the distribution of 105,174 affordable residential products during the year to May 2018.

“While some developers are expanding their high-end offering, most remain focused on the affordable sector of the market in line with the governments’ continued focus on driving home ownership for nationals. This will continue to be a key driver for the real estate market overall,” said Craig Plumb, Head of Research, MENA at JLL.