With an average annual salary of over SR 76,050 (£15,000) and a 100-square-meter (sqm) home costing just SR 339,126 (£67,021.00), Saudi Arabia is the world’s most affordable country to buy a home in 2021, according to a new global home affordability study from British building supplier Roofing Megastore.
A research team at Roofing Megastore calculated the average cost of one square meter of real estate in 109 countries worldwide to develop the ranking. The price was then multiplied by 100 to show how much an average 100 sqm home would cost globally.
This chart shows the annual salary as a percentage of the cost of a 100sqm home to provide a more accurate picture of affordability.
The study also reveals how many years it would take to buy a 100sqm home on an average annual salary, illustrating the vast difference between the most and least affordable places.
When earning potential is considered, a full year’s wage in Saudi Arabia equates to more than 22% of the cost of an entire home, which means that in less than five years, if all salary is saved and not spent, enough money will be saved to purchase a home outright.