Saudi Arabia Real Estate Market (2023-2029) | COVID-19 IMPACT, Size, Growth, Trends, Industry, Revenue, Forecast, Value, Share, Analysis & Companies

Saudi Arabia Real Estate Market Highlights

Report Name	Saudi Arabia Real Estate Market
Base Year	2022
Historical Period	2019-2022
Forecast Period	2023-2029
Growth Rate (CAGR)	7.99%
Report Coverage	Revenues & Volume, Market Trends, Drivers & Challenges, Market Forecast, Market Share
Segment Coverage	By Property, By Type
Customization Scope	100% customized reports available along with reliable data. Moreover, you can alter the segments, countries, and regions according to your needs. For further details, you can contact our research expert at sales@6wresearch.com
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Topics Covered in the Saudi Arabia Real Estate Market Report

Saudi Arabia Real Estate Market Report thoroughly covers the market by property and by type. The outlook report provides an unbiased and detailed analysis of the ongoing Market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Saudi Arabia Real Estate Market Synopsis

Saudi Arabia Real Estate Market is projected to grow on account of the nation’s economic diversification efforts. Over the years, the market has undergone a significant transformation, driven by government initiatives to attract foreign investment and develop urban centers. The introduction of new regulations, the creation of economic zones, and the emphasis on tourism have contributed to the sector`s dynamism. Both commercial and residential segments continue to evolve, offering opportunities for developers, investors, and homebuyers in a changing economic landscape.

According to 6Wresearch, Saudi Arabia Real Estate Market size is likely to grow from USD 64.78 billion to USD 94.89 billion at a CAGR of 7.99% during the forecast 2023-2029. The market growth is influenced by factors such as urbanization, population growth, and government initiatives to promote economic diversification. Investments in infrastructure development, housing projects, and commercial spaces are driving the demand for real estate. Additionally, regulatory reforms aimed at attracting foreign investors and fostering a sustainable real estate ecosystem contribute to the market`s positive trajectory.  There are certain challenges in the market. The Saudi Arabia real estate market faces several challenges as it strives to meet the growing demand for housing and commercial spaces. One key challenge is the need to balance rapid urbanization with sustainable development. The market must navigate issues related to infrastructure, land use, and environmental considerations to ensure that new developments align with long-term goals. Additionally, the fluctuation in oil prices can impact the market`s stability, as the country`s economy is closely tied to oil revenues. Regulatory hurdles and bureaucratic processes can slow down real estate transactions, hindering the efficiency of the market. Furthermore, ensuring affordable housing options for the local population, especially the youth, poses a significant challenge. The market must find ways to address these challenges while promoting innovation and attracting foreign investment to support its growth.

Government Policies for the Saudi Arabia Real Estate Market

The government of the Saudi Arabia has introduced several policies to stimulate growth and investment in the real estate market. One of the most notable initiatives was the "Saudi Vision 2030," which aimed to diversify the economy and promote the real estate sector as a key driver of non-oil revenue. This included launching mega-projects like NEOM and the Red Sea Project, which attracted significant domestic and international investment. The regulatory changes such as the White Land Tax and the introduction of the Real Estate General Authority (REGA) aimed to enhance transparency, regulate the market, and protect the rights of both buyers and sellers

COVID-19 Impact on the Market

The Saudi Arabia real estate market experienced significant fluctuations due to the impact of the COVID-19 pandemic. In the initial stages, lockdowns and travel restrictions hampered property transactions and construction activities. However, the market gradually adapted to digital tools for property viewings and transactions, mitigating some of the challenges. Demand for residential properties shifted as remote work became more common, prompting a preference for larger spaces and suburban locations. The commercial real estate sector faced difficulties as businesses adopted remote work arrangements, leading to a decreased demand for office spaces. As vaccination efforts progressed and restrictions eased, the market displayed signs of recovery, with an increased focus on technology-driven solutions and sustainable construction practices.

Key Players in the Market

The Saudi Arabia Real Estate market is vast and diverse, with several prominent developers and investors. Some of the key players in this industry include Emaar Properties, Al-Rajhi Investment Group, and Dar Al-Arkan Real Estate Development Company. These companies are responsible for shaping the landscape of Saudi Arabia through their residential, commercial, and mixed-use projects, contributing significantly to the growth and development of the kingdom`s real estate sector.

Market by Property

On the basis of property, the market is segmented into Residential, Commercial, Industrial, Land and Others. The residential segment will have a major share in the market on the back of increasing urbanization and population growth.  The government initiatives aimed at increasing homeownership have also propelled the growth of the market.

Market By Type

On the basis of type, the market is segmented into, sales, rental, and lease. Property sale is a major driver of growth in the Saudi real estate market. It is bolstering in the residential and commercial sectors, where both local and international investors are looking for numerous opportunities. Rental properties in both domains residential and commercial are in demand due to factors like urbanization and a transient expatriate population.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Saudi Arabia Real Estate Market Outlook
• Market Size of Saudi Arabia Real Estate Market, 2022
• Forecast of Saudi Arabia Real Estate Market, 2029
• Historical Data and Forecast of Saudi Arabia Real Estate Revenues & Volume for the Period 2019 - 2029
• Saudi Arabia Real Estate Market Trend Evolution
• Saudi Arabia Real Estate Market Drivers and Challenges
• Saudi Arabia Real Estate Price Trends
• Saudi Arabia Real Estate Porter's Five Forces
• Saudi Arabia Real Estate Industry Life Cycle
• Historical Data and Forecast of Saudi Arabia Real Estate Market Revenues & Volume By Property for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia Real Estate Market Revenues & Volume By Residential for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia Real Estate Market Revenues & Volume By Commercial for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia Real Estate Market Revenues & Volume By Industrial for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia Real Estate Market Revenues & Volume By Land for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia Real Estate Market Revenues & Volume By Others for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia Real Estate Market Revenues & Volume By Type for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia Real Estate Market Revenues & Volume By Sales for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia Real Estate Market Revenues & Volume By Rental for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia Real Estate Market Revenues & Volume By Lease for the Period 2019 - 2029
• Saudi Arabia Real Estate Import Export Trade Statistics
• Market Opportunity Assessment By Property
• Market Opportunity Assessment By Type
• Saudi Arabia Real Estate Top Companies Market Share
• Saudi Arabia Real Estate Competitive Benchmarking By Technical and Operational Parameters
• Saudi Arabia Real Estate Company Profiles
• Saudi Arabia Real Estate Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments

By Property

• Residential
• Commercial
• Industrial
• Land
• Others

By Type

• Sales
• Rental
• Lease