Saudi’s residential real estate market is booming, with a remarkable surge in transactions across major cities like Riyadh and Jeddah!

A recent report by CBRE reveals a 51.6% increase in transactions in Riyadh, with 18,500 sales amounting to SR26.6 billion in value by the second quarter of 2024. This impressive growth is driven by government investment projects and a growing population.

The Kingdom’s residential market shows no signs of slowing down, especially with Vision 2030’s target of a 70% homeownership rate by the end of the decade.

Jeddah and Dammam are also experiencing a significant boom in housing sales!

Jeddah is also witnessing significant growth, with a 43.2% rise in transaction volumes over the past year, totaling 9,392 sales. Meanwhile, the Dammam Metropolitan Area saw a 22.4% increase, bringing in SR2.4 billion from 2,390 sales.

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Government initiatives like the Sakani program are playing a key role in making homeownership more accessible, offering tailored housing and financing solutions for families

The real estate market in Riyadh is particularly tight, with limited supply failing to keep up with the city’s increasing demand, as noted by Matthew Green, CBRE’s Head of Research in the MENA region.

Average apartment prices in Riyadh have climbed by 11.7% since 2020, reaching SR5,000 per square meter, while villas now average SR5,824 per square meter. In Jeddah, villa prices have grown at an annual rate of 4.4%, with current averages at SR5,707 per square meter.

With continued population growth and government investments, the real estate market in Riyadh, Jeddah, and Dammam is set to remain a crucial driver of Saudi Arabia’s Vision 2030 economic diversification strategy