Who are the key players in Saudi Arabia Luxury Residential Real Estate Market?

Emaar Properties, Dar Al Arkan Real Estate Development Company, Jabal Omar, Al Saedan Real Estate and Red Sea Global are the major companies operating in the Saudi Arabia Luxury Residential Real Estate Market. Read More

What years does this Saudi Arabia Luxury Residential Real Estate Market cover, and what was the market size in 2023?

In 2023, the Saudi Arabia Luxury Residential Real Estate Market size was estimated at USD 13.75 billion. The report covers the Saudi Arabia Luxury Residential Real Estate Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Luxury Residential Real Estate Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Saudi Arabia Luxury Residential Real Estate Market Size

Market Size of Saudi Arabia Luxury Residential Real Estate Industry

Saudi Arabia Luxury Residential Real Estate Market Summary

Study Period	2019 - 2029
Base Year For Estimation	2023
Market Size (2024)	USD 14.63 Billion
Market Size (2029)	USD 15.76 Billion
CAGR (2024 - 2029)	6.00 %
Market Concentration	Medium
Major Players *Disclaimer: Major Players sorted in no particular order

Saudi Arabia Luxury Residential Real Estate Market Analysis

The Saudi Arabia Luxury Residential Real Estate Market size is estimated at USD 14.63 billion in 2024, and is expected to reach USD 15.76 billion by 2029, growing at a CAGR of 6% during the forecast period (2024-2029).

In recent years, Saudi Arabia's luxury residential real estate market has witnessed robust growth, fueled by domestic demand and foreign investments. This upswing is largely a result of the Kingdom's Vision 2030 economic reforms, reshaping the nation's real estate scene.
Saudi Arabia's Public Investment Fund (PIF), in collaboration with the Ministry of Housing, has established the Saudi Real Estate Refinance Company (SRC) to bolster the Kingdom's real estate market. SRC aims to inject liquidity and foster growth in the housing sector. SRC plans to refinance up to SAR 75 billion (approximately USD 19.96 billion), with an ambitious target of SAR 170 billion (around USD 45.24 billion) by 2026.
By addressing the financial needs of mortgage companies, SRC seeks to boost homeownership rates, enhance liquidity in the housing sector, and broaden access to both domestic and international financing. SRC is poised to invigorate market growth and stabilize the housing sector by connecting foreign and domestic investors to Saudi housing opportunities and issuing bonds backed by real estate mortgages. This initiative aligns with the Kingdom’s economic diversification goals under Vision 2030.
At Cityscape Global 2024 in Riyadh, Erth Real Estate underscored its dedication to crafting sustainable luxury residences in harmony with Saudi Vision 2030. Prioritizing innovation and sustainability, Erth envisions integrated communities that seamlessly merge comfort, cutting-edge technology, and verdant green spaces. Featured projects, including the Raffles Residence Jeddah and the Al Marina development, epitomize luxury living, boasting contemporary architecture, vast green expanses, and coveted locations by the Red Sea.
Furthermore, initiatives like Masar and Alyasmeen are reshaping urban living, fusing authenticity with comfort, fostering community engagement, and bolstering the Kingdom's stature in the global real estate arena. Erth's forward-thinking strategy is to produce top-tier, future-ready developments that not only meet the dynamic needs of Saudi society but also align with the overarching aspirations of Vision 2030.

Saudi Arabia Luxury Residential Real Estate Industry Segmentation

Luxury residential real estate encompasses properties crafted for human habitation, offering a blend of allure and resort-style living, complete with upscale amenities.

Saudi Arabia's luxury residential real estate market is segmented by type (apartments and condominiums and villas and landed houses) and by key cities (Riyadh, Jeddah, Makkah, Dammam Metropolitan Area (DMA), and Other Cities). The report offers market size and forecasts for the Saudi Arabian Luxury Residential Real Estate Market in value (USD) for all the above segments.

By Type
		Apartments and Condominiums
		Villas and Landed Houses

By City
		Riyadh
		Jeddah
		Dammam Metropolitan Area
		Other Cities

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Saudi Arabia Luxury Residential Real Estate Market Size Summary

The Saudi Arabia luxury residential real estate market is poised for steady growth, driven by strategic developments and increasing demand for high-end living spaces. The market is characterized by a focus on large-scale residential compounds, particularly in the northern regions of the country, with notable projects like Shams Ar Riyadh and Antara residential compound leading the charge. These compounds are categorized into different classes based on their scale and the level of amenities offered, with Class A compounds providing extensive services such as housekeeping, security, and recreational facilities. Despite economic challenges and a shift in demand from apartments to villas, the market continues to attract investment, with new developments introducing modern apartments that cater to the evolving preferences of residents.

Riyadh, as the capital and largest city, remains a central hub for luxury residential real estate, with its strategic location and economic activities drawing both local and expatriate populations. The market is fragmented, with numerous players and increasing merger and acquisition activities expected to further stimulate development. While rental rates for villas have seen a decline due to factors like the white land tax, the demand for apartments is on the rise, particularly in central and eastern areas where land availability is higher. Major real estate companies, including Al Saedan Real Estate and Kingdom Holding Company, are actively involved in shaping the market, with significant projects underway to enhance Riyadh's status as a key business and residential destination.

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Saudi Arabia Luxury Residential Real Estate Market Size - Table of Contents

1. MARKET INSIGHTS AND DYNAMICS
1. 1.1 Market Overview
2. 1.2 Market Dynamics
  1. 1.2.1 Market Drivers
    1. 1.2.1.1 Rising Disposable Incomes
    2. 1.2.1.2 Government Initiatives
    3. 1.2.1.3 Growing Expatriate Population
  2. 1.2.2 Restraints
    1. 1.2.2.1 Regulatory Framework
    2. 1.2.2.2 The Risk of Oversupply
  3. 1.2.3 Opportunities
    1. 1.2.3.1 Investing in New Luxury Residential Developments
    2. 1.2.3.2 Targetting the Expatriate Market
    3. 1.2.3.3 Providing Value-added Services
3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis
  1. 1.3.1 Bargaining Power of Suppliers
  2. 1.3.2 Bargaining Power of Consumers
  3. 1.3.3 Threat of New Entrants
  4. 1.3.4 Threat of Substitutes
  5. 1.3.5 Intensity of Competitive Rivalry
4. 1.4 Value Chain / Supply Chain Analysis
5. 1.5 Industry Policies and Regulations
6. 1.6 Technological Developments in the Sector
7. 1.7 Impact of COVID-19 on the Market
2. MARKET SEGMENTATION
1. 2.1 By Type
  1. 2.1.1 Apartments and Condominiums
  2. 2.1.2 Villas and Landed Houses
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 Luxury Residential Real Estate Market Size FAQs

How big is the Saudi Arabia Luxury Residential Real Estate Market?

The Saudi Arabia Luxury Residential Real Estate Market size is expected to reach USD 14.63 billion in 2024 and grow at a CAGR of 6% to reach USD 15.76 billion by 2029.