Saudi Arabia Residential Real Estate Market Predicted to Exceed USD 130.8 Billion by 2033, Rising At A CAGR Of 6.9%

Saudi Arabia Residential Real Estate Market Overview

Base Year: 2024

Historical Years: 2019-2024

Forecast Years: 2025-2033

The Saudi Arabia Residential Real Estate Market is experiencing significant growth driven by Vision 2030 initiatives, urbanization, and increasing housing demand. According to the latest report by IMARC Group, Saudi Arabia residential real estate market size reached USD 71.8 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 130.8 Billion by 2033, exhibiting a growth rate (CAGR) of 6.9% during 2025-2033.

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Saudi Arabia Residential Real Estate Industry Trends and Drivers:

The Saudi Arabia residential real estate market is booming, driven by rapid urbanization and Vision 2030's ambitious goals. With the population projected to hit 47 million by 2050, cities like Riyadh and Jeddah are seeing soaring demand for housing, especially among young, middle-class Saudis. The government's Sakani program and reduced down payments from 30% to 5% have made homeownership more accessible, pushing the rate to 65.4% in 2024 from 47% in 2016. Off-plan sales surged 52% in 2023, reflecting investor confidence in projects like NEOM and Diriyah Gate. The market is expected to reach USD 203.62 billion in 2025, growing at a CAGR of 8.77% through 2030. However, challenges like high land costs and construction expenses persist, particularly in prime urban areas. Despite these hurdles, infrastructure investments and foreign direct investment, projected to reach USD 103.4 billion by 2030, ensure robust growth, making Saudi Arabia a hotspot for residential real estate opportunities.

Buyers in Saudi Arabia are increasingly favoring affordable and tech-driven homes, reshaping the residential real estate landscape. Middle-income families, particularly in Jeddah, are driving demand for apartments priced between SAR 250,000 and SAR 1 million, with 69% of Riyadh's 2024 apartment sales targeting this segment. Smart home technologies and sustainable designs are gaining traction, with 50% of new developments featuring mixed-use facilities like those in Roshn's communities. Riyadh saw a 51.6% surge in transaction volumes in Q2 2024, while villa prices rose 12% annually. The Saudi Real Estate Refinance Company aims to refinance 20% of the mortgage market by 2025, boosting liquidity. However, high interest rates and loan eligibility issues challenge first-time buyers. Regulatory reforms, like the 5% real estate disposal tax and foreign ownership in Mecca and Medina, are attracting international investors. These trends, backed by Vision 2030's diversification push, position the market for sustained growth through 2033.

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Saudi Arabia Residential Real Estate Industry Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

●Condominiums and Apartments
●Villas and Landed Houses

Breakup by Region:

●Northern and Central Region
●Western Region
●Eastern Region
●Southern Region

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major have been provided.
The Saudi Arabia residential real estate market is highly competitive, with both local and international developers actively participating. Major Saudi Arabia residential real estate market companies include Saudi Real Estate Company (Al Akaria), Dar Al Arkan, and Jabal Omar Development Company, focusing on various segments from affordable to luxury housing. New entrants are attracted by government initiatives and economic reforms promoting real estate development. Additionally, international firms like Emaar Properties have entered the market, bringing expertise in large-scale, mixed-use developments. For instance, in April 2024, ROSHN Group, Saudi Arabia signed a partnership agreement with developer, Dar Al Arkan for the development of residential villas in Phase 1A, SEDRA Community. The value of the agreement is SAR 215 million. The deal comes as part of the group's efforts to further strengthen its leadership in the Kingdom's real estate market by expanding its strategic partnerships with best-in-class entities.

Key highlights of the Report:

●Market Performance (2019-2024)
●Market Outlook (2025-2033)
●COVID-19 Impact on the Market
●Porter's Five Forces Analysis
●Strategic Recommendations
●Historical, Current and Future Market Trends
●Market Drivers and Success Factors
●SWOT Analysis
●Structure of the Market
●Value Chain Analysis
●Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.