Saudi residential market adds 344,000 units in 2020: HDOC

Riyadh city

The Saudi residential market added 344,500 homes in 2020, a rise of 4% Year-on-Year, according to a bulletin issued by the Ministry of Housing's Housing Data and Observatory Center (HDOC).
 

Despite COVID-19 pandemic, the housing sector saw positive developments, as the number of beneficiaries from the housing support program hit a record level of 222,000 households last year.
 

Furthermore, the number of housing units built in 2020 rose by 9% YoY to above 350,500 units, including 100,800 units built during Q4 2020.
 

In addition, as many as 295,600 mortgage contracts were signed with Saudi households, including 87,100 contracts in Q4 2020 at a value exceeding SAR 44 billion.

Data also showed that the number of Saudi workers in the construction and real estate sectors reached above 300,000 employees, of which 33% are women.

At the level of provinces, Al-Baha recorded the highest increase of 55.1% quarter-on-quarter in housing units, while Najran province saw the highest percentage YoY, reaching 113.4%.

During Q4 2020, Riyadh province witnessed the launch of construction works in more than 20,000 housing units, a rise of 10.7% QoQ and 30.3% YoY.