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

The Saudi Arabia condominiums and apartments market is experiencing significant growth, driven by increasing housing demand and transformative changes in the housing sector. The market's expansion is supported by government policies and initiatives aimed at enhancing homeownership and contributing to the national GDP. Developers are focusing on the northern region for new residential complexes, with large-scale projects like Shams Ar Riyadh and Antara residential compound leading the way. These developments are categorized based on their land size and the quality of amenities, reflecting the diverse offerings in the market.

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Market Size of Saudi Arabia Condominiums And Apartments Industry

Saudi Arabia Condominiums And Apartments Market Summary
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

Saudi Arabia Condominiums And Apartments Market 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 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
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Saudi Arabia Condominiums And Apartments Market Size Summary

The Saudi Arabia condominiums and apartments market is experiencing significant growth, driven by a robust demand for housing and supportive government policies. The market is characterized by a diverse range of developments, including large residential compounds such as Shams Ar Riyadh and Antara, which cater to varying standards of living and amenities. The government's initiatives to increase homeownership and enhance the standard of living are pivotal in transforming the housing sector, with a focus on luxury homeownership for future generations. The northern region of the country is a key area for developers and investors, with a notable shift towards multi-dwelling units that offer potential for revenue generation and adaptability to rental models. Despite challenges such as the expat-dependent levy and economic pressures, the rental market is becoming more appealing, with apartments gaining popularity due to new constructions featuring modern amenities.

Riyadh, the capital city, stands out as the main residential hub, with a growing population and increasing urbanization driving demand for housing units, particularly in the affordable segment. The city's strategic location and economic activities make it a commercial hotspot, attracting both Saudis and expatriates. The residential market in Riyadh is witnessing a boom, with significant investments in new developments like the Diriyah Gate Project and King Salman Park neighborhood. The market is fragmented, with major players such as Al Saedan Real Estate and Kingdom Holding Company actively participating. The ongoing merger and acquisition activities are expected to further stimulate the market, encouraging more companies to enter the condominiums and apartments sector.

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Saudi Arabia Condominiums And Apartments Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Rapid Growth of the Construction Industry

      2. 1.2.2 Foreign Investment and Partnerships in the Real Estate Sector

    3. 1.3 Market Restraints

      1. 1.3.1 Lack of Housing Spaces and Mortgage Regulation

      2. 1.3.2 Increasing Focus of the Government on Departing Immigrants

    4. 1.4 Market Opportunities

      1. 1.4.1 Technological Advancements in the Construction Industry

      2. 1.4.2 Collaborations With International Developers to Diverse Housing Options

    5. 1.5 Value Chain Analysis

    6. 1.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.6.1 Threat of New Entrants

      2. 1.6.2 Bargaining Power of Consumers

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Insights into Technological Advancements in the Industry

    8. 1.8 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Condominiums

      2. 2.1.2 Apartments

    2. 2.2 By City

      1. 2.2.1 Riyadh

      2. 2.2.2 Jeddah

      3. 2.2.3 Dammam Metropolitan Area

      4. 2.2.4 Other Cities

Saudi Arabia Condominiums And Apartments Market Size FAQs

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.

In 2024, the Saudi Arabia Condominiums And Apartments Market size is expected to reach USD 15.27 billion.

Saudi Arabia Condominiums And Apartments Market Report Snapshots

Saudi Arabia Condominiums And Apartments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)