{"id":84255,"date":"2024-03-12T00:00:00","date_gmt":"2024-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/12\/real-estate-industry-should-see-strong-growth-in-24\/"},"modified":"2024-03-12T00:00:00","modified_gmt":"2024-03-12T00:00:00","slug":"real-estate-industry-should-see-strong-growth-in-24","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/12\/real-estate-industry-should-see-strong-growth-in-24\/","title":{"rendered":"Real estate industry should see strong growth in \u201824"},"content":{"rendered":"

The Saudi real estate industry is set<\/strong> for robust growth<\/strong> in 2024 driven by increasing <\/strong>investment, flexible regulations, and monetary policy that is conducive to growth, <\/strong>according to an S&P Global ratings report (pdf)<\/a>. That\u2019s good news for developers and builders: Demand for real estate fell last year on the back of high interest rates and with price pressure.<\/p>\n

Growth drivers: <\/strong>With interest rates set to start to fall in 2H 2023 in tandem with the Fed, demand for mortgage finance should get a boost, helping it rally from a 34% drop in 2023. The new premium residency scheme<\/a> should make real estate more accessible for the growing number of foreigners who set up shop in the kingdom, and a better regulated off-plan industry will also fuel demand.<\/p>\n

The downside risks: <\/strong>The Riyadh real estate market remains very tight \u2014 a development that will put upward pressure on prices. High interest rates (at least in the first half) will also hurt. <\/p>\n

There are signs of rising foreign demand for real estate here<\/strong> as the government prepares to relax ownership rules for non-Saudis. Some 22% of high-net-worth Muslim investors surveyed eyeing real estate purchases in the Kingdom this year. Another 33% are looking at making investments in the next 24 months, Aleqtisadiah reports<\/a> citing a survey by global real estate consultancy Knight Frank. The survey polled 506 Muslims from 9 countries to gauge attitudes toward real estate investment in the Kingdom. Makkah topped the list with 30%, followed by Riyadh at 25% and Madinah with 19%.<\/p>\n

High demand for the holy cities: <\/strong>HNW survey respondents have aggregate demand for some USD 2 bn in property purchases in the holy cities, with interest from 84% of those surveyed. 48% of those who are interested in property purchases in Makkah want to make it their primary residence. 40% of those looking to invest in Makkah are willing to spend over USD 5 mn (with the average budget for purchases in holy cities ast USD 4.7 mn). <\/p>\n

Why it matters: <\/strong>The premium residency schemes unveiled in January include options linked to property ownership, a key step in opening the domestic market to foreign homebuyers. <\/p>\n","protected":false},"excerpt":{"rendered":"

22% of high-net-worth Muslim investors eye real estate purchases in the Kingdom this year<\/p>\n","protected":false},"author":1,"featured_media":84256,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2574],"tags":[142,10,31,106],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-construction","tag-enterpriseam-ksa","tag-investment-watch","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"a29090e7-d1d0-400c-936d-532112f2490e","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/954.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The Saudi real estate industry should see strong growth in 2024","related_issue":[84249],"teaser":"22% of high-net-worth Muslim investors eye real estate purchases in the Kingdom this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.0ede6703-a690-4e59-a3be-463eb6f63e67.mp3"},"yoast_head":"\nReal estate industry should see strong growth in \u201824 - 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