Saudi Housing Ministry notes 1.2% QoQ rise in construction of units

Saudi Arabia has witnessed a 1.75% increase in the completion of constructed housing units in Q1 2020, compared to Q4 2019, according to the KSA Ministry of Housing’s periodic housing bulletin for the first quarter of 2020.

The number of completed housing units increased 1.75% to 82,563 units during the first quarter of this year, compared to 81,146 units in Q4 2019.

The Housing Ministry’s periodic housing bulletin shares the latest developments related to the housing market in the kingdom, in addition to providing data, statistics, and information to those interested and specialised in the housing sector. It relies on official data from sources such as government agencies and related sectors.

The number of housing units that began construction during Q1 2020 increased 17% to 85,928 units, compared to 73,434 units in Q4 2019, according to the state-run Saudi Press Agency.

The bulletin also pointed to a slight increase of 0.8% in the housing sector price index during the Q1 2020, compared to the Q4 2019.

Land option prices increased by a similar rate of 0.8%, while the price index for villa options rose 1.5% in Q1 2020, compared to Q4 2019.

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