BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia Real Estate Market size at USD 169.23 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia Real Estate Market size to expand at a CAGR of 5.56% reaching a value of USD 247.18 billion by 2030. Growing housing demand and an increase in residential building construction in the Kingdom are key drivers of the Saudi Arabia Real Estate Market. The Saudi Government's goal of economic diversification is fueling the country's real estate sector overall by increasing demand for commercial and industrial premises.
Opportunity – Government’s support and favorable policies
The Saudi Government’s support and favorable regulations are major driving factors influencing the growth of the Saudi Arabia Real Estate Market. The economic diversification plan of Saudi Arabia, Vision 2030, is shifting the government’s focus from the oil sector to other infrastructural development, such as the construction of residential and commercial facilities. The Saudi Government aims to boost house ownership by Saudi nationals from 63.74% in 2023 to 70% by 2030, as reported by Economy Middle East. Riyadh is also planning to open the purchase of property by foreigners, according to local media, which is anticipated to drive the Saudi Arabia Real Estate Market during the period in analysis.
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Saudi Arabia Real Estate Market
Segmental Coverage
Saudi Arabia Real Estate Market – By Service
Based on service, the Saudi Arabia Real Estate Market is segmented into property management, valuation services, and other services (advisory services and leasing). The property management segment dominates the Saudi Arabia Real Estate Market. Property management services act as a link between the landlord and the renter and overlook various responsibilities, such as financial management, legal compliance, property maintenance, screening tenants, and handling taxes. The increasing demand for housing elevates the need for property management to handle these operations, which drives the segment’s growth.
Competitive Landscape
Major players operating in the Saudi Arabia Real Estate Market include Jenan Real Estate Company, Sedco Development, Jabal Omar, Kingdom Holding Company, Abdul Latif Jameel, Dar Ar Alkan, JLL Riyadh, Century21 Saudi Arabia, and Saudi Real Estate Company.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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