Saudi Arabia Condominiums and Apartments Market Size (2024 - 2029)

Saudi Arabia Condominiums & Apartments Market Analysis

The Saudi Arabia condominiums and apartments market is valued around USD 17 billion in the current year and is anticipated to register a CAGR of greater than 7% during the forecast period. 

• Housing demand in Saudi Arabia is anticipated to rise by more than 50% by 2030, reaching 153,000 homes from 99,600 homes in 2021. To reach a housing supply of 4.96 million homes by 2030, the Kingdom needs to build 1.2 million new homes during the next ten years. Over the past ten years, Saudi Arabia has transformed its housing market. Furthermore, by 2030, the Kingdom may reach its goals of having a housing sector that contributes 8.8% of the GDP and a 70% homeownership rate. The sector is moving forward, and the government's strong policies and actions, including the approval to launch diverse financial products and an increase in the standard of living and income, enable luxury homeownership for future generations.
• The country's northern region is the focus of developers and investors looking to build complexes. Shams Ar Riyadh, the largest future residential compound (anticipated to provide over 950 units, villas, and apartments), and Antara residential compound, another sizable development that will produce approximately 520 units, stand out among them. Compounds can be grouped into one of four typologies, A, B, C, or D, often based on the extent of their growth and the quality of the facilities, services, and amenities they provide. Class B compound has a land size between 20,000 and 50,000 Sqm, whereas a Class A compound often has a land area larger than 50,000 sqm. The land space of Class C and B compounds is between 10,000 and 15,000 square meters and 5,000 and 10,000 square meters, respectively. Type A compound's usual apartment and villa sizes are 65 to 140 square meters and 160 to 1,100 square meters, respectively.

Saudi Arabia Condominiums & Apartments Industry Segmentation

A condominium, commonly known as a "condo," is a sizable building complex made up of independent apartments owned separately. Typically, ownership includes a nonexclusive stake in a particular "common property" under the supervision of the condominium. Apartment buildings are usually owned by a single owner (such as a property management company), and the buildings are used solely for rental purposes. However, rented condos to tenants are sometimes referred to as apartments.

The Saudi Arabia condominiums and apartments market is segmented by key cities (Riyadh, Jeddah, Makkah, Dammam Metropolitan Area (DMA), and the Rest of Saudi Arabia). The report offers market size and forecasts for the Saudi Arabia condominiums and apartments market in value (USD billion) for all the above segments.