KSA Real Estate Market is Predicted to Reach USD 212 Million at a CAGR of 8%

According to Next Move Strategy Consulting, the KSA Real Estate Market size is predicted to reach USD 212 million at a CAGR of 8% till 2030. The Kingdom of Saudi Arabia's (KSA) real estate market is poised for significant growth, fueled by the country’s Vision 2030 plan, urbanization trends, and investments in infrastructure and commercial development.

KSA’s real estate market is undergoing a transformation, driven by the government’s ambitious infrastructure projects and large-scale developments aimed at diversifying the economy and reducing reliance on oil. Key initiatives under Vision 2030, such as the NEOM city project, the Red Sea Project, and the expansion of residential and commercial properties, are expected to stimulate long-term growth.

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Key Drivers of Market Growth:

  1. Vision 2030 and Economic Diversification: Vision 2030 aims to create a more diversified economy by promoting tourism, entertainment, and housing, all of which require substantial real estate development. These projects are expected to create massive opportunities for investors and developers.
  2. Population Growth and Urbanization: With a growing population, especially among the younger generation, there is a rising demand for residential, commercial, and hospitality real estate. Urbanization trends, particularly in cities like Riyadh and Jeddah, are driving the need for modern infrastructure and real estate developments.
  3. Government Initiatives and Investment: The Saudi government has introduced various initiatives to support the real estate sector, including subsidies for homebuyers, tax incentives, and regulatory reforms aimed at increasing foreign investments. The development of new cities and mixed-use developments is attracting local and international investors.
  4. Growing Tourism Industry: As Saudi Arabia positions itself as a global tourism hub, particularly with the opening of new attractions and the launch of high-profile events, demand for hospitality real estate is expected to increase, including hotels, resorts, and recreational properties.

Market Segmentation:

The KSA real estate market is segmented by property type, application, and end-user:

  • By Property Type: The market includes residential, commercial, retail, and industrial real estate, with residential properties expected to capture the largest share.
  • By Application: Key applications include residential development, commercial spaces, retail developments, and hospitality.
  • By End-User: The major end-users are government organizations, real estate developers, investors, and homebuyers.

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Challenges in the Market:

  1. High Construction Costs: Rising material costs and supply chain challenges may increase the overall cost of real estate development in KSA.
  2. Regulatory and Bureaucratic Hurdles: While reforms are underway, navigating the regulatory and approval processes for new developments can still be a challenge for developers and investors.

Key Market Players:

  • Prologis, Inc.
  • Brookfield Asset Management Inc.
  • ATC IP LLC
  • Simon Property Group L.P.
  • Coldwell Banker
  • Tata Housing Development Company
  • Keller Williams Realty, Inc.
  • CBRE Group, Inc.
  • Sotheby’s International Realty Affiliates LLC
  • Colliers

Conclusion:

The KSA real estate market is set to experience strong growth, driven by Vision 2030, a burgeoning population, and strategic investments in infrastructure. As the country shifts towards economic diversification, the real estate sector will continue to evolve, offering vast opportunities for developers, investors, and consumers alike.

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Next Move Strategy Consulting

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