Saudi Arabia Real Estate Market Trends, Development and Forecast Report, 2030

NEW YORK - July 1, 2024 - PRLog -- In 2024, the Saudi Arabian real estate industry will generate an projected revenue of USD 7,021.3 million, which is estimated to experience a CAGR of 8.3%, over the projection period to attain USD 11,311.4 million by the end of the decade. This can be credited to the ever-changing lifestyles, fast urbanization, high-pace e-commerce development, low interest rates, growing infrastructure development activities, demographic shifts, inflating per-capital incomes of individuals, and favorable government policies in the country.

One of the main trends that can be identified in the Saudi Arabian real estate market is the adaptation of digital tools as a way to optimize business processes and as an asset to create better customer experiences. They added that the use of social media and the internet in searching for the properties in the country has been increasing in the recent past. There are some popular internet portals like Saudi Property and Aqarmap which can assist a buyer in search of different type of properties according to his affordability and they find developers and agents also.

The abundant capital investment in the construction industry is said to boost the Saudi Arabian real estate. A steep growth rate is likely to be observed in the construction industry in the years to come due to the number of construction projects in the urban, trans- port, and utility segment in the execution and the tender/bid stages. According to the minister of Hajj, in November 2023 Saudi Arabia will invest 200 billion riyals for expansion of the Grand Mosque in Mecca.

Browse detailed report analysis on Saudi Arabian Real Estate Market Growth and Forecast Report, 2030 (https://www.psmarketresearch.com/market-analysis/saudi-ar...)

Key Insights

 Residential category projected to grow at the highest CAGR (8.6%) during 2024–2030 and hold the largest market share due to rising demand for apartments, villas, and townhouses.

 Rapid population growth creates demand for affordable residential properties in urban areas.

 Commercial real estate category holds a significant market share due to office buildings, retail spaces, hotels, and infrastructure, driven by economic trends, investment, business expansion, and consumer spending.

 5,000–50,000 sq m category holds the largest market share (50%) in 2024 due to a range of properties, including residential buildings, commercial complexes, and mixed-use developments.

 Urbanization and infrastructure development propel demand for large-scale projects within the 5,000–50,000 sq m range.

 Rental category holds significant share in 2024 due to increasing house prices, prompting more people to rent.