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Flats in Riyadh - Saudi Real Estate

Finding Apartments in Riyadh

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The capital city Riyadh has witnessed a major expansion in its real estate sector during the past decade. This expansion was due to the fact that the number of inhabitants in the city is getting more plus that Riyadh is becoming more important as a business and trade destination. Based on that, the city had to expand its property offerings from two sides; the private properties for the people and families looking for homes and the commercial properties for the companies and conferences taking place. The part of northern Riyadh became a major attraction for real estate investment and many real-estate companies and investors started building new giant housing projects and compounds that include hundreds of apartments in the northern areas. The Saudi real-estate development fund takes part of the total GDP of the kingdom and allocates it to the cities to develop their real-estate infrastructure. The city of Riyadh receives many of those funds on a constant basis to develop its real-estate projects and build more properties.

Part of the funds that the city of Riyadh receives usually goes to building several compounds, which includes mainly villas and/or apartments. Many Saudi people living in Riyadh like to rent the apartments and not buy them. This case happens often when the people are not originally from Riyadh and they just came for working opportunities. On the other hand, over 90% of the foreigners living in Riyadh rent the apartments they live in. This is because it is usually easier for them, especially when they apartment have to leave the kingdom or move to another city. The recent law that was passed by the Saudi government that enabled the non-Saudis to own properties in the kingdom encouraged some expatriates in Riyadh to buy apartments but this didn’t exceed the 10-15% of the total apartments ‘market.

High Prices For Apartments

The apartments’ prices in the capital are generally a lot higher than in other cities but can be compared to the apartment prices in Jeddah as it is the second most major city. Renting apartments in Riyadh can sometimes cost from 18,000 riyals per year to 75,000 riyals and such prices are only the average prices depending on the neighborhoods. As for buying some apartments in the capital, it can cost an average of 300,000 riyals and can reach almost a million riyals in some elegant neighborhoods or compounds. The sizes of the apartments definitely matter when calculating the price, so an average 250 Square meters apartment in the capital can cost around half a million riyals and this is according to the prices offered in the real-estate market when new neighborhoods are built.

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