Key regions: Germany, Europe, Asia, United States, United Kingdom
The Residential Real Estate Transactions market in Saudi Arabia has been experiencing significant growth in recent years. Customer preferences in the market have shifted towards larger and more luxurious properties. This is driven by the increasing wealth of the population and a desire for a higher standard of living. Additionally, there is a growing demand for properties with modern amenities and facilities, such as swimming pools, gyms, and security systems. Trends in the market indicate a strong demand for residential properties in major cities, such as Riyadh, Jeddah, and Dammam. This is due to the concentration of economic activities and job opportunities in these urban centers. As a result, property prices in these cities have been steadily increasing. Local special circumstances in Saudi Arabia have also contributed to the development of the Residential Real Estate Transactions market. The government has implemented various initiatives to stimulate the real estate sector, such as the introduction of the Real Estate Development Fund and the Saudi Vision 2030 plan. These initiatives aim to increase home ownership rates and improve the quality of housing in the country. Underlying macroeconomic factors have played a significant role in the growth of the Residential Real Estate Transactions market in Saudi Arabia. The country has a young and growing population, which has led to an increase in housing demand. Additionally, low interest rates and favorable mortgage policies have made it easier for individuals to access financing for property purchases. The stability of the Saudi Arabian economy and the government's commitment to diversify away from oil have also attracted foreign investors to the real estate market. In conclusion, the Residential Real Estate Transactions market in Saudi Arabia is developing due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for larger and more luxurious properties, particularly in major cities, has driven the growth of the market. Government initiatives and favorable economic conditions have also played a significant role in attracting both domestic and foreign investors to the real estate sector.
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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