RIYADH Saudi Arabia’s real estate market will see a healthy correction in 2019 after prices surged in the past few years, Islam Albayaa, Head of Advisory, KPMG Al Fozan & Partners in Saudi, said in a statement.

“This correction is expected to continue over the short-term, but the market will pick up in the medium to long term, given the recent government initiatives to incentivize the sector, particularly the Ministry of Housing initiatives,” he noted.

Last November, Saudi Arabia’s Ministry of Housing announced plans to build nearly 19,500 residential units for its citizens through “Sakani”, its major housing development program. Additionally, new real estate projects are planned through public-private-partnerships.