Market Size of Saudi Arabia Real Estate Brokerage Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 8.14 Billion |
| Market Size (2029) | USD 11.31 Billion |
| CAGR (2024 - 2029) | 6.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Real Estate Brokerage Market Analysis
The Saudi Arabia Real Estate Brokerage Market size is estimated at USD 8.14 billion in 2024, and is expected to reach USD 11.31 billion by 2029, growing at a CAGR of 6.80% during the forecast period (2024-2029).
The Saudi Arabian real estate brokerage market is experiencing significant growth and transformation, driven by economic diversification initiatives, urbanization, and regulatory reforms under the Vision 2030 program. This market includes property sales, leasing, management, and real estate investment advisory services. Giga projects like Neom are expected to create demand for 300,000 new homes for the Kingdom’s 9 million residents.
Establishing the Real Estate General Authority (REGA) and introducing regulatory reforms have enhanced transparency and investor confidence in the country's real estate market. These reforms have made it easier for local and foreign investors to participate in the market, increasing the demand for professional brokerage services.
The first half of 2023 witnessed a significant increase in off-plan projects in Saudi Arabia, with a growth of 52% compared to the same period the previous year. According to the Wafi Program, the country's off-plan sales and leasing committee in MoMRAH, 47 off-plan sales projects received licenses in the first half of 2023. As more off-plan projects enter the market, prospective buyers seek professional guidance from brokers to navigate the complexities of purchasing pre-construction properties.
