The global real estate consultancy firm also reported that the value of transactions in the Saudi capital went up by 63 percent. Riyadh’s property market reported an impressive growth in 2019, with the volume of residential real estate transactions increasing by 53 percent over the previous year, according to new data released by CBRE. In October 2019, Saudi Arabia’s Ministry of Housing launched an initiative to support residential renovations by providing financing for homes that are more than 15 years old. Residential mortgages for individuals in the kingdom recorded a growth rate of more than 250 percent in terms of the number of contracts signed from January 2019 to November 2019. The Saudi capital also witnessed growth across other major real estate segments, the CBRE report showed.

Source: The North Africa Journal January 28, 2020 08:15 UTC