Saudi Arabia Condominiums And Apartments Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 15.27 Billion |
| Market Size (2029) | USD 20.55 Billion |
| CAGR (2024 - 2029) | 6.12 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Saudi Arabia Condominiums And Apartments Market Analysis
The Saudi Arabia Condominiums And Apartments Market size is estimated at USD 15.27 billion in 2024, and is expected to reach USD 20.55 billion by 2029, growing at a CAGR of 6.12% during the forecast period (2024-2029).
In recent years, the Saudi Arabian condominiums and apartments market has undergone significant changes driven by various influencing factors. A notable driver of this market growth is the surging demand for housing. Projections indicate that housing demand in Saudi Arabia could see an uptick of over 50% by 2030. As urban migration intensifies, driven by job opportunities and lifestyle choices, the appetite for residential spaces like flats and condominiums has surged. Over the last decade, Saudi Arabia has undergone a metamorphosis in its housing landscape. The Kingdom is on track to achieve its ambitious targets by 2030: a housing industry contributing 8.8% to the GDP and a commendable 70% homeownership rate.
Government initiatives, such as the Saudi Vision 2030 and the Sakani Housing Development Program, are pivotal in this housing evolution. These initiatives aim to bolster homeownership rates among Saudi nationals, with ambitious plans to construct approximately 19,500 residential units. Economic stability and rising incomes are crucial in shaping the affordability of residential properties in the Kingdom. As a result, the markets for both apartments and condominiums are witnessing robust growth, with an increasing number of individuals stepping into the realms of renting or purchasing properties.
Saudi Arabia Condominiums And Apartments Market Trends
Increasing Demand in the Saudi Arabian Apartment Rental Market
The Saudi Arabian apartment rental market is poised for growth in the coming years. This surge is largely attributed to rising household expenditures, driven by increased value-added tax. While household spending plays a subtle role, the allure of competitively priced rentals is likely to sway more households. Economic pressures influence apartment sales and rental rates, including an expat-dependent levy and a decelerating economy. Demand for apartments has waned in contrast to villas. Yet, with a growing number of new buildings featuring apartments, their popularity is on the upswing compared to previous years. The multi-dwelling concept promises enhanced revenue potential and offers a swift transition to a rental model if quicker sale absorption is desired.
Investments gravitate toward newly constructed apartment buildings boasting modern amenities, upscale fittings, and private basement parking. Due to their closeness to Riyadh's central business district, flats in Saudi Arabia's eastern and central regions are now more sought after than villas. The eastern region offers more expansive options, while the central districts have limited land availability.
Riyadh's Residential Market: A Growing Hub Amid Economic Fluctuations
Riyadh, the capital of Saudi Arabia, is home to 6.5 million people. In the heart of the Arabian Peninsula, Riyadh's strategic location and its burgeoning economic activities have cemented its status as a favored commercial hub for Saudis and expatriates. Despite facing a downturn, the demand for affordable housing units in Riyadh has shown a consistent upward trajectory, hinting at a potential resurgence in the city's residential market. This growth is driven by a burgeoning population, swift urbanization, shrinking household sizes, and proactive government initiatives. While West Riyadh stands out for its demand for luxury apartments and premium office spaces, the city's northern and central neighborhoods, such as Al Ghadeer, Al Nada, Al Malga, and Al Wurud, command the highest rental rates.
Saudi Arabia Condominiums And Apartments Industry Overview
The Saudi Arabian condominiums and apartments market is semi-fragmented with local and international developers and property management companies. The competitive landscape of the market has also been analyzed in the report. Some of the major players include Al Saedan Real Estate, Kingdom Holding Company, Ewaan, Al Ra'idah Investment Company, and SEDCO Development.
Saudi Arabia Condominiums And Apartments Market Leaders
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Al Saedan Real Estate
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Kingdom Holding Company
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Ewaan
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Al Ra'idah Investment Company
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SEDCO Development
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Condominiums And Apartments Market News
- June 2024: In collaboration with Ladun Investment Company, Cheval Collection planned to introduce its opulent serviced apartments in Riyadh, Saudi Arabia. The construction of the Cheval Ladun Living is slated to kick off this year, with an anticipated completion date of 2027.
- December 2023: In Jeddah, Saudi Arabia, the National Housing Company rolled out 757 new residential units across two projects: Med Sadeem and Khayal Hostel. These projects have modern amenities, featuring villas, townhouses, and apartments. Both projects are being developed under the National Housing Company’s public-private partnership initiative.
Saudi Arabia Condominiums And Apartments Market Report - Table of Contents
1. INTRODUCTION
1.1 Market Definition and Scope
1.2 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rapid Growth of the Construction Industry
4.2.2 Foreign Investment and Partnerships in the Real Estate Sector
4.3 Market Restraints
4.3.1 Lack of Housing Spaces and Mortgage Regulation
4.3.2 Increasing Focus of the Government on Departing Immigrants
4.4 Market Opportunities
4.4.1 Technological Advancements in the Construction Industry
4.4.2 Collaborations With International Developers to Diverse Housing Options
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Insights into Technological Advancements in the Industry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Condominiums
5.1.2 Apartments
5.2 By City
5.2.1 Riyadh
5.2.2 Jeddah
5.2.3 Dammam Metropolitan Area
5.2.4 Other Cities
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Al Saedan Real Estate
6.2.2 Kingdom Holding Company
6.2.3 Ewaan
6.2.4 Al Ra'idah Investment Company
6.2.5 SEDCO Development
6.2.6 Rafal Real Estate Development Company
6.2.7 AI Sedan
6.2.8 Dar AI Arkan
6.2.9 Alfirah United Company for Real Estate
6.2.10 AL Nassar*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER AND ABOUT US
Saudi Arabia Condominiums And Apartments Industry Segmentation
Condominiums and apartments are residential units within multi-unit buildings or complexes. Condominiums are individually owned units within a building, while apartments are rented or leased from a property owner or management company. The Saudi Arabian condominiums and apartments market is segmented by type and city. By type, the market is segmented into condominiums and apartments. By city, the market is segmented into Riyadh, Jeddah, Makkah, Dammam Metropolitan Area (DMA), and the Rest of Saudi Arabia. The report offers market size and forecasts for the Saudi Arabian condominiums and apartments market in value (USD) for all the above segments.
| By Type | |
| Condominiums | |
| Apartments |
| By City | |
| Riyadh | |
| Jeddah | |
| Dammam Metropolitan Area | |
| Other Cities |
Saudi Arabia Condominiums And Apartments Market Research FAQs
How big is the Saudi Arabia Condominiums And Apartments Market?
The Saudi Arabia Condominiums And Apartments Market size is expected to reach USD 15.27 billion in 2024 and grow at a CAGR of 6.12% to reach USD 20.55 billion by 2029.
What is the current Saudi Arabia Condominiums And Apartments Market size?
In 2024, the Saudi Arabia Condominiums And Apartments Market size is expected to reach USD 15.27 billion.
Who are the key players in Saudi Arabia Condominiums And Apartments Market?
Al Saedan Real Estate, Kingdom Holding Company, Ewaan, Al Ra'idah Investment Company and SEDCO Development are the major companies operating in the Saudi Arabia Condominiums And Apartments Market.
What years does this Saudi Arabia Condominiums And Apartments Market cover, and what was the market size in 2023?
In 2023, the Saudi Arabia Condominiums And Apartments Market size was estimated at USD 14.34 billion. The report covers the Saudi Arabia Condominiums And Apartments Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Condominiums And Apartments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saudi Arabia Condominiums And Apartments Industry Report
Statistics for the 2024 Saudi Arabia Condominiums and Apartments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia Condominiums and Apartments analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Saudi Arabia Condominiums And Apartments Market Report Snapshots
