Riyadh Leads as Saudi Arabia Real Estate Market Surges

According to the latest market research study published by P&S Intelligence, the Saudi Arabian real estate market is poised for significant growth, with projected revenues reaching $7,021.3 million in 2024 and an anticipated compound annual growth rate (CAGR) of 8.3% through 2030, culminating in $11,311.4 million.

This upward trajectory is fueled by evolving lifestyles, rapid urbanization, burgeoning e-commerce, low interest rates, extensive infrastructure development, demographic shifts, rising disposable incomes, and supportive government policies. Notably, the residential sector is experiencing rapid expansion, with apartment prices in Riyadh and Jeddah surging by 17% and 12%, respectively, from November 2020 to November 2021.

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Key Insights

Segmentation Analysis

• The residential category is projected to grow at a CAGR of 8.6% from 2024 to 2030, driven by the rising demand for apartments, villas, and townhouses among individuals and families.

• Properties sized between 5,000 and 50,000 square meters hold the largest market share at 50% in 2024, encompassing residential buildings, commercial complexes, and mixed-use developments.

• In terms of booking modes, sales dominate and are projected to grow at a CAGR of 8.7% during the forecast period, reflecting population growth, urbanization, and increasing disposable incomes.

Regional and Geographical Trends

Al-Riyadh province leads with a 40% market share in 2024, attributed to numerous real estate projects and luxury apartments.

The Eastern region is the fastest-growing market, advancing at a CAGR of 8.9% during 2024-2030, propelled by rapid urbanization and population growth.

Technological Advancements Shaping the Market:
The adoption of digital solutions is a key trend, with online platforms like Saudi Property and Aqarmap facilitating property searches and connections with developers and agents.

Technologies such as 3D visualization, virtual tours, artificial intelligence, and data analytics are enhancing customer experiences and aiding stakeholders in making informed decisions.

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Competitive Dynamics, Major Players, and Emerging Opportunities

• The market is moderately fragmented, with a clear dominance of domestic key players due to the large scale of construction activities.

• International real estate developers and investors are showing increased interest, offering lucrative opportunities.

• Key players include Dar Al Arkan Real Estate Development Company, Jenan Real Estate Company, Ewaan Co. Ltd., SEDCO Development, Jabal Omar Development Company, Emaar Properties, Al Saedan Real Estate Company, Kingdom Holding Company, Abdul Latif Jameel, JLL Riyadh, and Century 21 Saudi Arabia.

The Saudi Arabian real estate market's robust growth is underpinned by strategic government initiatives, technological advancements, and dynamic market players, positioning it as a pivotal sector in the nation's economic diversification efforts.

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