(MENAFN) A recent report by Jones Lang LaSalle expected Riyadh's residential market to receive 100,000 new homes over the next three years, Arabian Business reported.
The report said that Riyadh saw 6,000 new homes come online during the third quarter of 2012, with a similar number expected to be added in the fourth quarter.
In the third quarter, two major schemes were completed, a project by Raghd Homes and the second phase of the Manazel al-Qurtaba development containing 1,000 apartments.
Rayadah Investment Company has recently awarded contracts to build 3,000 residential units within the Information Technology & Communication Complex's (ITCC) residential area.
Both sale and rental prices for homes in the city continue to climb, as the population grows rapidly.
Saudi Arabia's Ministry of Housing has invited developers to build 7,000 new homes in Riyadh as the first part of a government programme to invest USD67 billion in 500,0000 new homes for Saudi nationals across the Kingdom.