The Saudi real estate sector during 2024 witnessed a state of active movement that reflects the dynamism of this sector and its pivotal role in supporting the national economy, as the Kingdom continues its accelerated steps to achieve the objectives of Vision 2030 by enhancing real estate investments and promoting urban development in various regions of the Kingdom, with a focus on sustainability and attracting quality projects that enhance the Kingdom's position on the global real estate investment map.

A recent report revealed the performance of the Saudi real estate sector during the year 2024, which recorded qualitative leaps in terms of deals, prices and investments, to reflect the pivotal role of this sector in supporting the national economy. A recent report revealed the performance of the Saudi real estate sector during 2024, which recorded qualitative leaps in terms of deals, prices and investments, to reflect the pivotal role of this sector in supporting the national economy and keeping pace with the objectives of Saudi Vision 2030.

According to the report, the Saudi real estate sector witnessed an exceptional year, driven by supportive government initiatives and mega projects that redraw the urban map in the Kingdom, with an increasing trend towards sustainability and the application of modern building standards.

According to the report, the Saudi real estate sector witnessed an exceptional year, driven by supportive government initiatives and mega projects that redraw the urban map in the Kingdom.

A surge in real estate deals

The report showed that the total number of real estate deals registered in the Kingdom during 2024 reached 254 thousand deals, with a financial value of more than 280 billion riyals, representing an increase of 27% compared to 2023.

The deals included all types of residential, commercial and agricultural real estate, with a clear growth in the value and areas of traded land in various regions of the Kingdom.

Riyadh and Mecca in the lead

According to the report, Riyadh topped the real estate scene in 2024, both in terms of number of deals and total value, followed by Mecca and the Eastern Province, while Medina saw an increase in demand for residential land, driven by accelerated development projects.

According to the report, Riyadh topped the real estate scene in 2024, both in terms of number of deals and total value, followed by Mecca and the Eastern Province.

Rising prices reflect strong demand

The report indicated that residential land prices increased by 12% during 2024, while residential unit prices recorded an increase of 10%, amid continued strong demand for residential units in major projects, especially in major cities such as Riyadh, Jeddah and Al Khobar.

Government programs boost the market

The report highlighted the vital role played by government programs such as Sakani and Development Housing in stimulating the market, whether by increasing the housing supply or providing easy financing solutions.

Government programs such as Sakani and Development Housing have also played a vital role in stimulating the market, whether by increasing the housing supply or providing easy financing solutions. Infrastructure development programs and old neighborhood redevelopment projects have also contributed to raising the quality of life and enhancing the attractiveness of major cities.

Sustainability at the heart of real estate

The report monitored a growing trend among real estate developers in the Kingdom towards adopting sustainability standards in new projects, in line with Vision 2030.

These trends include the smart use of energy, water management systems, and the application of modern construction techniques that contribute to reducing costs and enhancing energy efficiency.

Strong contribution to the national economy

According to the report, the real estate sector contributed 5.9% of Saudi GDP in 2024, confirming its position as one of the main drivers of economic growth, especially as it is directly linked to a series of other economic sectors, such as construction, finance and logistics.

Optimistic outlook for 2025

The report expects the real estate momentum to continue in 2025, driven by major projects such as the City Visions project and the development of the capital Riyadh, along with mega housing projects that aim to raise the Saudi ownership rate to 70% by 2030.

The report predicts that the real estate sector will continue to gain momentum in 2025. <The real estate sector is likely to continue to attract local and foreign investments, supported by government incentives and the continued improvement of the investment environment.