According to a recent British assessment on the purchasing power to afford homes, homeownership prices in Saudi Arabia are expected to be the lowest in the world in 2021.
The study estimated the total amount that Saudis pay annually for every 100 square meters of about $20,355, which is equivalent to 76,000 Saudi riyals.
According to a study conducted by a British company, the cost of homeownership in Saudi Arabia is equivalent to 22% of the cost of the entire house when compared to the average annual full income of Saudis.
Saudi family can buy their home in less than 5 years if their entire salary is deducted without spending it on other obligations.
In a list of 50 countries, South Africa’s wage-to-cost ratio comes in second, followed by the United States as the world’s third most affordable home-buying country and Puerto Rico as the world’s fourth most cheap home-buying country.
The study was based on calculating the average cost per square meter of residential real estate in 109 countries around the world to come up with the cost of homes that start from an average of 100 square meters,