The real estate sector is the betting horse of the economy
Abdulrahman bin Ali Al-Qut
The real estate sector has been and continues to play an important role in the Saudi economy and constitutes a large part of the GDP, and the real estate sector in Saudi Arabia is expected to continue to grow and develop in the future, given the economic and demographic shifts in the Kingdom.
Saudi Arabia's Vision 2030, which aims to diversify the economy and rely on non-oil sources of income, is one of the most important factors that will affect the future of the real estate sector, there are many mega projects in the field of real estate development and infrastructure, including but not limited to the Neom and Red Sea projects, which indicate the potential for the sector to grow significantly in the future.
As for the impact of the real estate sector in Saudi Arabia, it is expected to continue to grow and develop in the future, given the economic and demographic shifts in the Kingdom. As for the impact of the real estate sector on the economy and other sectors, it is a key sector that contributes to enhancing economic growth and providing job opportunities as the sector contributed about 12.8% to the Kingdom's non-oil GDP in the first quarter of 2023, as well as will contribute to increasing the registration of real estate professionals, including developers, real estate offices and others by 80%, which enhances employment opportunities in the sector by an annual rate of 2.57% until 2030
With regard to its impact on the economy and other sectors, it is a key sector that contributes to enhancing economic growth and providing job opportunities. Increased growth in the real estate sector leads directly to increased demand for building and construction, thereby boosting associated sectors such as construction, architecture, interior fixtures, and real estate-related financial services.
To conclude, the real estate sector is expected to grow at an annual rate of 2.57%.
In conclusion, the real estate sector will remain the betting horse of global and local economies.
In conclusion, the real estate sector, no matter how turbulent the days, will remain the betting horse of global and local economies.
