Vision 2030 is based on a number of key axes, including diversifying sources of income and economy away from oil, while increasing residential ownership to 70% by 2030, so the real estate sector is seen as a key pillar in achieving the goals of the vision, especially with the Kingdom's tendency to establish and implement a number of huge real estate projects.
The real estate market and Vision 2030
In the first quarter of 2025, real estate prices increased by 4.3% compared to the same period of the previous year, and according to reports, residential real estate transactions in major regions reached SAR 118 billion in 2024, an increase of up to 50% compared to 2023.Residential real estate transactions in major regions reached SAR 118 billion in 2024, an increase of up to 50% compared to 2023.
Residential real estate transactions in major regions reached SAR 118 billion in 2024, an increase of up to 50% compared to 2023. According to General Real Estate Authority, the real estate market is expected to reach $101.62 billion by 2029, and according to a report from Bloomberg, the value of mega projects associated with Vision 2030 has exceeded $1.3 trillion so far, including NEOM.
<According to The Real Estate Authority, during the period from July 2023 to July 2025, real estate transactions worth about 1.2 trillion Saudi riyals were carried out, and according to the five-year update of Vision 2030, the home ownership rate among citizens increased from 47% in 2016 to about 60% in 2020. Then 64% by the end of last year. Among the positive effects of Vision 2030 on the real estate sector, commercial demand associated with major areas and project areas has increased, especially with the availability of infrastructure, as well as new laws, digital transformation, and real estate platforms have contributed to reducing barriers for investors.
New laws, digital transformation, and real estate platforms have contributed to reducing barriers to investors.
Market Challenges and Opportunities
Vision 2030 has contributed to attracting foreign investments in real estate and real estate development, but there is an increase in real estate prices, especially in major cities, and the Kingdom has witnessed a significant growth in the real estate sector, a recovery in the hospitality sector, and the tendency to introduce housing support programs to cover the needs of all income groups of citizens.
