{"id":72685,"date":"2024-12-24T15:56:41","date_gmt":"2024-12-24T12:56:41","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=72685"},"modified":"2025-11-26T00:23:44","modified_gmt":"2025-11-26T00:23:44","slug":"%d8%aa%d9%82%d8%b1%d9%8a%d8%b1-%d8%ac%d9%8a%d9%87-%d8%a5%d9%84-%d8%a5%d9%84-%d9%8a%d9%83%d8%b4%d9%81-7-%d9%85%d8%a4%d8%b4%d8%b1%d8%a7%d8%aa-%d8%aa%d9%8f%d8%a8%d8%b1%d8%b2-%d9%86%d9%85%d9%88-%d8%b3","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/72685\/","title":{"rendered":"JLL report reveals: 7 indicators that highlight the growth of the Saudi real estate market"},"content":{"rendered":"

Saudi Arabia is undergoing a remarkable transformation in the Real estate<\/a><\/strong>as urban developments and economic diversification initiatives combine to boost the growth of the real estate sector. As the number of tourists increases and the performance indicators of various sectors improve, promising investment opportunities are emerging for companies and investors.<\/p>\n

released a company \u201cJLL<\/a><\/strong>\u201dThe new report, which sheds light on the dynamics of the real estate market. Real estate<\/a> <\/strong>in Saudi Arabia. Rapid urbanization and infrastructure development are opening up new avenues for development projects, supported by the booming tourism sector and ongoing economic diversification initiatives under Vision 2030.<\/p>\n

The report emphasized that the long-term outlook for the real estate market remains positive, thanks to government initiatives such as the \u201cSakani\u201d program and the Real Estate Development Fund, which contribute to raising the rates of home ownership among citizens.<\/p>\n

The residential sector is undergoing a transformation<\/strong><\/span><\/h4>\n

The residential market in Riyadh and Jeddah continued to show strong growth during the third quarter of the year, with total supply in Riyadh increasing to 1.46 million units, with 4,000 new units added, while Jeddah delivered 8,000 units, bringing the total to 899,000 units. The report expects an additional 11k units to be delivered in the two cities before the end of the year.<\/p>\n

Sale prices increased by 12% in Riyadh and 6% in Jeddah, while rental prices increased by 10% and 8%, respectively. Apartments saw the highest price increase of 17% in Riyadh and 6% in Jeddah, making them a favorite choice for young people and first-time buyers.<\/p>\n

Significant growth in office space<\/strong><\/span><\/h4>\n

Class A office space rents in Riyadh increased by 20.8% to SAR 2,131 per square meter, with vacancy rates falling to 1.6%, an all-time low. In Jeddah, office space rents increased by 11.6% to SAR 1,338 per square meter, with the vacancy rate falling to 3.7%.<\/p>\n

Demand for high-quality office space continues to drive developers to adjust their offerings to meet the needs of tenants, especially as attention shifts to the northern areas of Riyadh.<\/p>\n

Hospitality sector makes leaps and bounds<\/strong><\/span><\/h4>\n

The Kingdom's hospitality sector has seen remarkable growth driven by tourism diversification efforts. According to the report, the number of international tourists jumped by 6,56% during the first seven months of 2024, reaching 17.5 million visitors, an increase of 10% compared to last year. Initiatives such as easing visa procedures, diversifying entertainment offerings and hosting major sporting events have contributed to the Kingdom's position as a global tourism destination.<\/p>\n

In Riyadh, average daily rates increased by 19%, while revenue per available room increased by 17.1%. In Jeddah, occupancy rates increased by 1.4 percentage points despite a decrease in room revenue by 10.3%. The number of hotel rooms in Riyadh stood at 22,379 and in Jeddah at 16,538, with plans to add 2,200 rooms in Riyadh and 550 rooms in Jeddah by the end of the year.<\/p>\n

Retail outlets: A renewed shopping experience<\/strong><\/span><\/h4>\n

The retail outlets sector in Riyadh and Jeddah showed mixed performance. While Riyadh's retail supply stabilized at 3.48 million square meters, Jeddah saw rents for major regional malls rise by 4.2% and rents for regional centers fall by 4.5%.<\/p>\n

Retailers are increasingly turning to innovative shopping experiences that include modern store designs, interactive screens, and entertainment events, according to the report. With 183,000 square meters of new retail space entering the market by the end of the year, the report predicts stiff competition to attract customers.<\/p>\n

Promising investment opportunities<\/strong><\/span><\/h4>\n

Saudi Arabia is experiencing unprecedented growth in multiple sectors, according to Saud Al-Sulaimani, director of JLL's Saudi Arabia office. Rising tourist numbers, growth in the hospitality sector, and growing demand for residential real estate provide a dynamic environment that creates tremendous opportunities for investors and businesses alike. He stressed that the Kingdom's commitment to diversifying its economy will remain a key factor in shaping the future of the real estate market.<\/p>\n

Saudi Arabia's Real Estate Market Growth Factors\u00a0<\/strong><\/span><\/h4>\n

656 % Increase in international tourism supports the hospitality industry<\/strong><\/p>\n

The number of international tourists will rise to 17.5 million visitors in the first seven months of 2024.<\/p>\n

Tourist visa initiatives and major events are driving growth.<\/p>\n

12 % Growth in sale prices of residential units in Riyadh<\/strong><\/p>\n

Riyadh witnesses the addition of 4 thousand housing units during the third quarter.<\/p>\n

An additional 11k units are expected to be delivered in Riyadh and Jeddah by the end of the year.<\/p>\n

20.8 % A jump in office rents in Riyadh<\/strong><\/p>\n

Vacancy rates dropped to 1.6% in office space.<\/p>\n

A shift to the north of the capital boosts demand for high-quality offices.<\/p>\n

183,000 square meters of new retail outlets by the end of 2024<\/strong><\/p>\n

There's a growing appetite to optimize the shopping experience with technology and events.<\/p>\n

Retail rents stabilize despite expansion.<\/p>\n

83% of Jeddah's % transactions focus on residential apartments<\/strong><\/p>\n

Apartments top buyers' choices with prices rising by 17% in Riyadh.<\/p>\n

A marked shift towards smaller, more efficient units.<\/p>\n

 <\/p>","protected":false},"excerpt":{"rendered":"

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