Narrowing the Supply/Demand Gap of Apartments in Riyadh
Known as the business hub of Saudi Arabia, Riyadh has witnessed a boom in construction over the past couple of years. Symbolized to many by the iconic Al Mamlaka and Al Faisaliah Towers, the capital is a true reflection of the Kingdom’s strive to be the top financial hub in the region. Working towards the 2030 vision, the country aims to lead the way to a bright future with the implementation of key reforms throughout the coming years. With the new metro system underway, reforms in real estate, and diversification in investment opportunities, the city is at its pinnacle of change towards progression and growth.
The capital is witnessing a promised increase in supply of affordable housing, especially in the Northern districts such as Al Yasmin, As Sahafa, and Hittin, where entire new communities are being developed. With the goal to build unused “white” land, the idea is to provide the public with more options, and with time to lower and stabilize the prices of villas for sale,villas for rent, apartments for sale, and apartments for rent in Riyadh. The young population, which makes up a huge percentage, will soon have more possibilities to choose from, in terms of property types and prices.
Finding the Perfect Apartment for Rent in Riyadh
With the growing trend of moving towards the North away from the hustle and bustle, many people still choose to live near the center, especially those who prefer to be closer to work. Run through the below checklist to ensure that you make a wise decision when choosing the right home.
Decide on district and affordability:
Homes for rent within the central region are usually more expensive, even though they can be older and may require additional maintenance. Properties in highly desired areas, such as the Diplomatic Quarter, can also be pricey with very long waiting lists. You can consider more affordable options such rental flats in Aqiq or apartments for rent in As Sahafa. You should also determine if you need a 1 bedroom, 2 bedroom flat or more, or if you need 1 room for the nanny. If your company provides housing allowance, then compounds for rent in Riyadh can be a great option for you and your family.
Know your options:
There is an increase in the “building complexes”, which are basically gated residential buildings that can include a recreational area, swimming pool, and a gym within the residence. Security is usually present to keep track of visitors, and entrance usually requires security key cards.
Whether you search online or on foot, make sure you always go through a licensed real estate broker who can advise on rental prices within a specific district. He may also advise on availabilities of different properties that are not publicly advertised. The licensed real estate broker will grant you a more professional service in terms of search and managing the lease transaction, and this is why all properties on eSimsar.com are exclusively listed by licensed real estate companies.
Live in a little:
Test the property before you sign the lease. Visit it during different times of day, make sure the bathrooms and electricity work fine, and get a feel of what may or may not be problematic for you. Will you have trouble parking your car? Will the area be easily accessible during peak hours? Is the property very close to a school? All these factors need to be considered before you make your final decision.
If you cannot find the right match to your wish list, consider expanding your search options, and look through villas for rent in Riyadh.