Real Estate Market in Saudi Arabia 2024:
How Big is the Saudi Arabia Real Estate Industry?
The Saudi Arabia real estate market size reached USD 67.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 126.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.30% during 2024-2032.
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Size in 2023: USD 67.2 Billion in 2023
Market Forecast in 2032: USD 126.8 Billion
Market Growth Rate: (CAGR) of 7.30% (2024-2032)
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Saudi Arabia Real Estate Market Trends:
The Saudi Arabia market is primarily driven by the increasing urbanization and population expansion, creating sustained demand for residential, commercial, and mixed-use developments. Moreover, the government's Vision 2030 initiative has accelerated infrastructural investments and regulatory reforms, encouraging private sector participation and foreign investments. Additionally, the expansion of smart cities and technology-driven developments, such as NEOM, is attracting global attention and fostering innovation in real estate projects.
Furthermore, economic diversification efforts, including the promotion of tourism and entertainment hubs, are bolstering demand for hospitality and retail spaces. Besides, the introduction of favorable mortgage financing schemes and public-private partnerships is enhancing affordability and accessibility. The rising middle-class population and their preference for modern, sustainable housing options are also shaping the sector’s growth. Furthermore, the integration of green building practices aligns with global environmental standards, promoting eco-friendly projects. Additionally, the emergence of co-working spaces and flexible office solutions is catering to the changing business landscape in the country.
Saudi Arabia Real Estate Market Scope and Growth Analysis:
The scope of the market is broadening due to the integration of technology in property management, enabling efficient and transparent transactions. Additionally, the focus on smart city infrastructure, such as advanced transportation systems and energy-efficient designs, is redefining urban living experiences. The rise of mixed-use developments, combining residential, commercial, and leisure facilities, is catering to diverse consumer needs and enhancing land utilization.
Growth in the retail sector, driven by increasing disposable incomes and a shift toward modern shopping experiences, is another area expanding the market's reach. Furthermore, the growing emphasis on luxury tourism and hospitality, supported by government-backed giga-projects, such as Red Sea Global, is attracting high-value investments. Regulatory advancements, including the introduction of real estate investment trusts (REITs), are creating new opportunities for domestic and international investors. Moreover, the growing awareness of sustainability in real estate is driving demand for green certifications and energy-efficient buildings.
Saudi Arabia Real Estate Market Overview and Segmentation:
The Saudi Arabia Real Estate Market is segmented based on property type.
Breakup by Property Type:
- Residential Real Estate
- Apartments
- Villas
- Others
- Commercial Real Estate
- Offices
- Retail
- Hospitality
- Others
Breakup by Region:
- Northern and Central Region
- Western Region
- Eastern Region
- Southern Region
Top Players Analysis:
The report provides a detailed analysis of the competitive environment. It covers various aspects such as market structure, positioning of key players, top strategies for success, a competitive dashboard, and a company evaluation quadrant. Furthermore, the report includes comprehensive profiles of all major companies.
- Abdul Latif Jameel
- Dar Ar Alkan
- Emaar
- Jabal Omar Development Company
- Jenan Real Estate Company
- Kingdom Holdings Company
- SEDCO Development (SEDCO Holding)
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Other Key Points Covered in the Report:
- COVID-19 Impact on the Market
- Porter's Five Forces Analysis
- Strategic Recommendations
- Market Dynamics
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
- Top Winning Strategies
- Recent Industry News
- Key Technological Trends & Development
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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