Sales of real estate companies listed on the Saudi stock market “Tadawul” saw significant growth during the second quarter of 2024, rising by 361% compared to the same period last year, reaching 4.84 billion Saudi riyals. This strong increase reflects improved economic conditions in the Kingdom and growing confidence in the real estate market.
According to the companies“ financial disclosures on ”Tadawul,“ ”Dar Al Arkan“ topped the list of companies with the highest revenue, accounting for 19.91% of the sector’s total revenue, thanks to a 16.41% growth, bringing its revenue to 961.56 million Saudi riyals. ”Red Sea" came in second, achieving a massive jump in its revenue of 611%, reaching 751.7 million Saudi riyals, to capture 15.53% of the market.
Many real estate companies also saw significant growth in their revenues, such as ”Jabal Omar,” which generated revenues of 625.12 million riyals, a 37.55% increase, and ”Sinomi Centers,” which achieved 586.5 million riyals, a slight increase of 3.75%, and ”Ratal,” which achieved 463.67 million riyals with an annual growth of 76.051%, and ”Al-Aqaria“ with 382.30 million riyals and an increase of 7.541%. ”Taybah“ revenues also jumped by 187.831% to 377.40 million riyals, followed by ”Makkah“ with sales of 350 million riyals and growth of 68.31%, then ”Samo Real Estate” with 127.33 million riyals, up 90.13%, and ”Al-Taameer" with 77.04 million riyals, achieving an increase of 10.74%.
On the other hand, both ”Emaar” and ”Knowledge City" recorded a decline in their revenues, reaching approximately 76 million riyals and 3.6 million riyals, respectively, with a decline of 82.241% and 89.451%, respectively.
On a quarterly basis, real estate companies" revenues rose by 30.221% compared to the first quarter of the year, with revenues in the first quarter of 2024 reaching 3.72 billion Saudi riyals.
This strong growth in the real estate sector growing confidence in the Saudi economy and points to promising investment opportunities in this sector. It also reflects the government’s efforts to support the real estate sector and provide an attractive environment for investors.
