Knight Frank – Saudi Arabia Residential Market Review, Winter 2024
The main theme of the report is the analysis of trends and indicators in the residential real estate market in Saudi Arabia.
In 2024, the total number of real estate transactions increased by 37%, reaching 236,690 deals, with a total volume of 267.8 billion SAR. Residential property sales grew by 38%. Housing supply in major metropolises is expected to grow from 3.5 million to 3.9 million units by 2028. Mortgage lending increased by 17.7% to 93.6 billion SAR, mainly for villa purchases. The introduction of the Premium Resident Visa has opened the real estate market to foreign investors. In Riyadh, nearly half of all new jobs in the country have been created over the past five years, increasing housing demand. Riyadh's population is expected to grow by 38% from 2022 to 2030, further boosting housing demand. In 2024, apartment prices rose by 10.6%, and villa prices by 6.3%. Housing supply in Riyadh increased by 49,400 units in 2024.
