Saudi Arabia Real Estate Market Set to Experience a Massive 7.31% CAGR During 2024-2032

The latest report published by IMARC Group, titled "Saudi Arabia Real Estate Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on Saudi Arabia real estate market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

Saudi Arabia real estate market is projected to exhibit a growth rate (CAGR) of 7.31% during 2024-2032.

The market is being driven by several significant factors, including the increasing urban development, changing patterns in how people live, the rapid expansion of e-commerce, a growing emphasis on sustainability, the rise of remote work, shifts in demographics, and various policies implemented by the government.

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Factors Affecting the Growth of the Saudi Arabia Real Estate Industry:

• Vision 2030 and Economic Diversification:
Saudi Arabia's Vision 2030 initiative is a major driver of the country's real estate market. This ambitious plan aims to diversify the Saudi economy away from its heavy reliance on oil by developing various sectors, including real estate and tourism. As part of Vision 2030, several mega-projects have been announced, such as NEOM, the Red Sea Project, and Qiddiya, which involve the construction of new cities, resorts, and entertainment destinations. These projects have led to increased demand for residential, commercial, and hospitality properties, creating significant opportunities for real estate developers and investors.

• Population Growth and Urbanization:
Saudi Arabia's population is experiencing steady growth, along with increasing urbanization. This demographic trend has fueled demand for residential properties, particularly in major cities. The government's efforts to address housing shortages through various housing programs, such as the Sakani program, have further stimulated the residential real estate market. Additionally, as urbanization continues, there is a growing need for commercial and retail spaces to accommodate the expanding urban population and the rising number of businesses and retail establishments. The combination of population growth and urbanization is a significant driver of both the residential and commercial real estate segments.

• Tourism and Entertainment Initiatives:
Saudi Arabia's efforts to promote tourism and entertainment are having a profound impact on the real estate market. The country has opened to international tourists and has been hosting various entertainment events and attractions, including concerts, sports events, and cultural festivals. As a result, there is a rising demand for hospitality properties, including hotels and resorts. The government's focus on developing the tourism and entertainment sectors, including the construction of new entertainment venues and tourist destinations, is driving investment in real estate projects catering to these industries.

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Saudi Arabia Real Estate Market Report Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Abdul Latif Jameel
• Dar Ar Alkan
• Emaar
• Jabal Omar Development Company
• Jenan Real Estate Company
• Kingdom Holdings Company
• SEDCO Development (SEDCO Holding)

By Property Type:

• Residential Real Estate
o Apartments
o Villas
o Others
• Commercial Real Estate
o Offices
o Retail
o Hospitality
o Others

Residential real estate and commercial real estate played a significant role in shaping the Saudi Arabia real estate market, driven by the increasing demand for housing and business properties, which can be attributed to urbanization and economic growth.

Regional Insights:

• Northern and Central Region
• Western Region
• Eastern Region
• Southern Region

Central Region and Western Region often have higher levels of economic activity, including industrial and commercial centers, which drive the demand for real estate for both residential and commercial purposes.

Saudi Arabia Real Estate Market Trends:

The development of smart cities involves the integration of advanced technologies to enhance urban living. Smart buildings, energy-efficient infrastructure, and digital services are becoming integral components of these projects. Moreover, the ongoing investment in infrastructure development and transport projects is a driving force behind the Saudi Arabia real estate market. The government has been heavily investing in transportation infrastructure, including the expansion and improvement of roads, railways, airports, and ports. These infrastructure projects enhance connectivity within the country and support the growth of various sectors, including real estate.

Key highlights of the report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.