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Saudi Arabia's Housing Supply Grows 29%

Newly constructed villas in Riyadh, Saudi Arabia (Reuters)
Newly constructed villas in Riyadh, Saudi Arabia (Reuters)
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Saudi Arabia's Housing Supply Grows 29%

Newly constructed villas in Riyadh, Saudi Arabia (Reuters)
Newly constructed villas in Riyadh, Saudi Arabia (Reuters)

Saudi real estate market showed a growth in the number of new housing units by 29 percent, according to official data.

Construction of over 106,000 new housing units has been completed, while 101,000 housing units have been under construction since the first quarter of this year.

The Housing Data and Observatory Center issued the bulletin on the developments of the local housing sector and real estate finance in the Kingdom. It revealed that Q1 of this year witnessed the completion of 106,500 housing units, compared to 82,500 units in Q1 of 2019.

The bulletin also noted the contribution of "Sakani" and "Wafi" programs in facilitating financing and enabling Saudi families to own their first home.

The number of new units exceeded 344,000 during the past year, enhancing the diversity and increasing the supply of high-quality units with appropriate prices.

The start-to-finish construction process is one of the indicators that reflects the development of the number of new housing units established with Sakani program in partnership with the private sector.

The average prices of residential apartments during Q1 of 2021 dropped to below $133,000 since 2020. The average selling prices of land and homes stabilized during the same period, according to the Center.

It explained that the drop in prices reflects the provision of housing solutions and options that meet the Saudi families’ desires in partnership with real estate developers in all cities and regions across the Kingdom.

The bulletin touched on residential real estate deals that exceeded 255,000 in 2020, according to the data of the Ministry of Justice.

During the Q1 of 2021, over 82,000 sales contracts for residential real estate were released.

According to data from the General Authority for Statistics, paid rent dropped 16 percent compared to its level in 2018.

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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)

Since 2019, Lebanon has faced one of its worst economic crises in modern history, affecting all aspects of life. The local currency has lost over 95% of its value, driving inflation to record levels and making goods and services unaffordable. Poverty and unemployment have surged.
Amid this, political divisions have paralyzed government action, preventing any effective response to the crisis.
The recent war with Israel added to the burden, causing huge human and material losses estimated by the World Bank at $8.5 billion. This has made Lebanon’s economic and social struggles even harder to resolve, with no president in place to lead the country.
The presidential post in Lebanon has been vacant since President Michel Aoun's term ended in October 2022, leaving the country without a leader to address growing economic and financial issues.
This vacancy has stalled government formation, making it difficult for Lebanon to negotiate with international donors like the International Monetary Fund (IMF), which demands major reforms in exchange for aid.
Choosing a new president is now a critical priority, not only to regain local and international confidence but also to begin the long-needed reforms.
One major challenge the new president will face is the reconstruction effort, which is estimated to cost over $6 billion. This is a huge financial burden that will require significant resources and effort to secure funding.
Reconstruction in Lebanon is not just about fixing infrastructure or repairing damage; it is a key test of the country’s ability to restore its role on the regional and international arena.
To achieve this, Lebanon needs a president with a clear vision and strong international connections, able to engage effectively with donor countries and major financial institutions.
Without credible and unified political leadership, Lebanon’s chances of gaining external support will remain limited, especially as international trust has been shaken by years of mismanagement and lack of reforms.
Keeping Lebanon’s deepening crises in mind, the people are hoping that electing a new president will offer a chance for economic and political recovery.
The new president, along with a strong government, is expected to rebuild trust both locally and internationally and restore political stability—key factors for stopping the economic decline and encouraging growth.
For instance, reviving Lebanon’s vital tourism sector will require better security and restoring confidence in the country as a safe place for investment.
This can only happen with political leadership that has a clear plan for reconstruction and necessary reforms.
Given Lebanon’s ongoing financial struggles, the new president’s ability to address these challenges will be critical to rescuing the country and guiding the economy toward recovery and sustainable growth.