A report broadcasted on Sky News Arabia has mentioned that many Saudi are now inching toward buying apartments instead of high-cost villas.
The report mentioned also that a lot of Saudi real estate developers are developing additional amount of apartments to meet the growing demand on residential apartments.
Apartments’ sales witnessed a significant hike during the last period in comparison with other real estate sectors, many real estate experts predicted apartments investment to top other real estate sectors in Saudi Arabia during 2015.
The recognizable direction to residential apartments goes back to the rising prices of real estate units in general which complicated the housing problem in Saudi Arabia. Apartments price start at 300 thousand SAR which is considered reachable in the shadow of finance support of funding houses and banks.
The Saudi Monetary Fund decision of increasing the value of the first installment paid by the real estate loans benefactors to 30% has contributed also in the current direction to apartments purchasing instead of villas.