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June 1, 2024
The value of real estate sales deals in Saudi Arabia, during the period from April 5, 2024 to May 4 of this year, amounted to about 21.51 billion riyals for about 17.3 thousand deals with a total area of 74.05 million square meters.
The number of rental deals during the period from March 1, 2024 to the end of the same month reached 255.5 thousand rental deals.
The size of the real estate market in the Kingdom, according to recent statistics, is estimated at approximately $69.51 billion in 2024, and is expected to reach $101.62 billion by 2029, with a compound annual growth rate of 8% during the expected period (2024-2029).
The size of the real estate market is expected to grow to $94.19 billion by 2028, at a compound annual growth rate of 7.89% during the forecast period.
Saudi Arabia has identified housing as one of its main projects within the framework of Vision 2030, as the Ministry of Housing aims to build 300,000 housing units over the next five years, in partnership with the private sector.
It is expected to achieve its goals of 70% home ownership and 8.8% contribution to the national GDP by 2030, after the Kingdom achieved significant progress in the housing industry.
To achieve a housing supply of 4.96 million homes by 2030, the Kingdom is expected to need to build an additional 1.2 million homes during the current decade.
The increase in corporate activity and the increase in total employment in Riyadh leads to an increase in demand for residential units, as the Saudi government has established a program aimed at accelerating its plan to attract international companies to Saudi Arabia.
Hundreds of companies have set out to open branches in Saudi Arabia, as part of their 2030 targets. Among these companies are PepsiCo, Unilever, Siemens, Baker Hughes, Philips, Schlumberger, SAP, Boston Scientific, and Tim Hortons, among the companies that have already moved their regional headquarters.
The program to attract regional headquarters of multinational companies in Saudi Arabia, which is one of the Vision 2030 projects, aims to provide significant local benefits to the Saudi economy.
Thus, the market has been characterized by high competitiveness, with increasing demand for new properties due to the growth of commercial activities and increased competition.