Saudi Arabia Residential Real Estate Market Latest Report 2024-2032

BROOKLYN, NY, USA, February 21, 2024 / — According to IMARC Group, the Saudi Arabia residential real estate market size is projected to exhibit a growth rate (CAGR) of 6.89% during 2024-2032.

The report has segmented the market by type (condominiums and apartments, villas and landed houses), and region.

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Factors Affecting the Growth of the Saudi Arabia Residential Real Estate Industry:

• Government Initiatives and Housing Policies:

The Saudi Arabian residential real estate market is significantly influenced by government initiatives and housing policies, a cornerstone of the country’s Vision 2030 reform plan. The government has launched various programs aimed at increasing homeownership and addressing housing affordability. Initiatives like the Sakani program provide subsidies and financing solutions to facilitate home buying, especially for first-time buyers and lower-income groups. These policies are part of a broader strategy to boost the real estate sector, stimulate economic growth, and improve living standards. By partnering with private developers, the government is also promoting the construction of affordable housing units, thereby increasing the housing supply. These concerted efforts underscore the government’s commitment to resolving housing challenges and making homeownership more accessible to a wider segment of the population.

• Population Growth and Demographic Shifts:

Population growth and demographic shifts are key drivers in the Saudi Arabia residential real estate market. The country’s population is not only increasing but also undergoing significant demographic changes, with a large and growing segment of young adults. This burgeoning youth population, entering the workforce and starting families, is creating substantial demand for new housing. Their housing needs and preferences, often different from previous generations, are influencing the types of residential properties being developed. Many young Saudis are looking for modern living spaces that offer convenience and lifestyle amenities. This shift is leading to a diversification in the housing market, with a greater emphasis on apartments and mixed-use developments, in addition to traditional standalone homes. Consequently, these demographic trends are shaping the demand and supply dynamics in the Saudi Arabian residential real estate sector.

• Economic Diversification and Increasing Urbanization:

Economic diversification and increasing urbanization are pivotal factors driving the Saudi Arabian residential real estate market. As part of its Vision 2030, Saudi Arabia is actively working to reduce its economic reliance on oil, leading to the development of new industries and business sectors. This diversification is attracting both domestic and international investment, boosting job creation and, in turn, driving population growth in urban areas. As more people migrate to cities for employment opportunities and a modern lifestyle, there’s a heightened demand for residential properties in urban and suburban locales. This urbanization trend is stimulating the development of new housing projects and the expansion of existing urban centers. Consequently, the real estate market is witnessing growth not only in terms of quantity but also in the diversity of residential options catering to an increasingly urbanized population.

Saudi Arabia Residential Real Estate Market Report Segmentation:

Breakup by Type:

• Condominiums and Apartments
• Villas and Landed Houses

Based on type, the market has been divided into condominiums and apartments and villas and landed houses.

Breakup by Region:

• Northern and Central Region
• Western Region
• Eastern Region
• Southern Region

Based on region, the market has been divided into Central Region, Western Region, Eastern Region, and Southern Region.

Saudi Arabia Residential Real Estate Market Trends:

The rising interest in smart homes and sustainable living solutions represents one of the key factors influencing the growth of the residential real estate market across Saudi Arabia. New residential projects are increasingly incorporating technology for smart home automation and energy-efficient designs, reflecting a growing environmental awareness and a desire for modern living standards.

In line with governmental initiatives to boost homeownership, there’s a growing focus on developing affordable housing. This trend caters to the increasing demand from younger demographic and middle-income families, aligning with the government’s Vision 2030 objectives. The market is witnessing a diversification in housing types. Apart from traditional villas and apartments, there is an increasing interest in gated communities, townhouses, and multi-use complexes that offer additional amenities and community living experiences.

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Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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

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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.

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IMARC Services Private Limited
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