Understanding the Riyadh property market is essential for effective property management and housing development in Saudi Arabia. The residential property market in Riyadh has shown signs of significant growth, with prices rising by up to 60 percent. Saudi Arabia's residential market is expanding rapidly, with apartment values in Riyadh and Jeddah showing the fastest pace of growth in five years. The Saudi Arabian government has identified housing as a key project under Vision 2030, with the housing ministry aiming to build 300,000 housing units over the next ten years. Therefore, understanding the market trends and demands is crucial for effective property management and housing development in Riyadh.
Identifying housing needs and demands is the first step towards developing effective strategies for property management and housing development in Riyadh. Measures are underway to support homeownership and boost the supply of housing, including the creation of the Housing Program in 2018, with the objective of increasing access to affordable, quality, safe, and well-located housing. The government is also reforming the housing market in Saudi Arabia to improve access to housing for Saudi families and generate job opportunities in the real estate sector. Additionally, a study by Alhajri et al. in 2022 assesses the housing challenges and enabling programs for affordable housing in the Kingdom of Saudi Arabia within Vision 2030.
Developing effective strategies for property management and housing development in Riyadh requires a holistic approach that considers financial and marketing challenges. A study by Alqahtany in 2023 aims to review the off-plan sales program to identify the financial and marketing challenges faced by such programs in Saudi Arabia. Real estate development in Saudi Arabia seeks to develop an efficient and sustainable housing sector that meets the needs and demands of the market. Therefore, incorporating financial and marketing strategies into property management and housing development plans can lead to effective and sustainable outcomes.
By Roger K. Olsson