The Saudi real estate sector in 2024 recorded a historic leap in terms of transaction volume, as a recent report revealed that the total value of real estate transactions in the Kingdom exceeded 280 billion riyals, distributed over more than 254 thousand transactions, achieving a growth of 27% compared to 2023.

This great momentum in the real estate movement reflects the depth of the sector's transformations and its growing role in boosting the national economy, as the Kingdom continues to implement Vision 2030, which places real estate investment as one of the pillars of sustainable development.

This great momentum in the real estate movement reflects the depth of the transformations witnessed by the sector and its growing role in strengthening the national economy, as the Kingdom continues to implement Vision 2030, which places real estate investment among the pillars of sustainable development.

A surge in deals in various regions

According to the report, these deals were not limited to one type of real estate, but included residential, commercial and agricultural properties, with a remarkable growth in the value and areas of land traded in various regions of the Kingdom, reflecting the breadth of real estate activity and the diversity of demand.

Riyadh and Mecca at the top of the scene

The report showed that Riyadh came at the forefront of the most active regions in terms of the number and value of real estate transactions during 2024, supported by a large-scale urban development movement and mega projects that keep pace with the capital's population and economic growth.

Riyadh was followed by Makkah. The Makkah region continued to strengthen its position as a vital real estate, tourism and investment center, while Madinah recorded an increase in demand for residential land, driven by accelerated development projects, especially those associated with the development of new neighborhoods and plans.

Madinah recorded an increase in demand for residential land, driven by accelerated development projects, especially those associated with the development of new neighborhoods and plans.

Rising prices reflect strong demand

The report also indicated that residential land prices increased during 2024 by 12%, while residential unit prices recorded an increase of 10%, which reflects the continued strong demand for residential real estate products, especially in major major cities such as Riyadh, Jeddah and Al Khobar.

The report also indicated that residential land prices increased during 2024 by 12%.

The role of government programs in stimulating the market

<The report highlighted the role of the Sakani and Developmental Housing programs in increasing the housing supply and providing easy financing solutions, which contributed to enabling more Saudi families to own suitable housing. Infrastructure development projects and the rehabilitation of old neighborhoods have also supported efforts to raise the quality of life and enhance the attractiveness of major cities for investment and housing.

Sustainability. A key element in new developments

The report also spotted a growing trend for real estate developers to adopt sustainability standards in their new projects, in line with Vision 2030. These standards include the application of modern building technologies, smart use of energy, and effective management of water resources, which enhances the efficiency of projects and reduces operating costs in the long term.

The report also found a growing trend among real estate developers to adopt sustainability standards in their new projects, in line with Vision 2030.

Strong contribution to the national economy

The report highlighted the contribution of the real estate sector to the GDP, reaching 5.9% in 2024, as the sector continues to strengthen its position as one of the most important drivers of the national economy, especially with its direct link to a number of supporting sectors such as construction, real estate finance and logistics.

Optimistic outlook in 2025

The report concluded that the outlook for 2025 holds more momentum for the Saudi real estate sector, driven by the launch of major projects such as the City Visions project and the development programs of the capital Riyadh, in addition to the continuation of huge housing projects that meet the aspirations of citizens and provide various options suitable for different segments.

The report concluded that the outlook for 2025 holds more momentum for the Saudi real estate sector. The sector is likely to continue to attract local and foreign investments in light of the stability of the legislative environment and government incentives that keep pace with the objectives of Vision 2030, so that Saudi real estate remains a major investment lung in the march of economic development.