{"id":94773,"date":"2025-02-26T00:00:00","date_gmt":"2025-02-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/26\/saudi-arabia-captures-14-of-gcc-real-estate-market-up-47-y-o-y\/"},"modified":"2025-02-26T00:00:00","modified_gmt":"2025-02-26T00:00:00","slug":"saudi-arabia-captures-14-of-gcc-real-estate-market-up-47-y-o-y","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/26\/saudi-arabia-captures-14-of-gcc-real-estate-market-up-47-y-o-y\/","title":{"rendered":"Saudi Arabia captures 14% of GCC real estate market, up 47% y-o-y"},"content":{"rendered":"

<\/strong>Saudi Arabia sn<\/strong>apped up<\/strong> 14% <\/strong>of the GCC\u2019s real estate transactions,<\/strong> up 47% y-o-y to USD 75.7 bn, according to Sakan\u2019s Gulf Residential Market Report (pdf)<\/a>. Despite the growth, the Kingdom still trails behind the UAE, which drew in 79% of the GCC\u2019s USD 391 bn real estate market in 2024. <\/p>\n

Population growth and government-backed infrastructure projects drove the <\/strong>region\u2019s housing sector expansion<\/strong>, according to the report. There\u2019s high demand, with Saudi Arabia, Kuwait, and Oman needing over 800k housing units by 2030 to meet it. Additionally, urban populations across the GCC are expected to grow by 30% between 2020 and 2030, with 84.3% to be living in cities. Riyadh's population is projected to grow by 4.1% annually, reaching 9.6 mn by 2030, with 5.5 mn expats and 4.1 mn Saudis, though Gigaprojects may reduce rural-to-urban migration.<\/p>\n

Rents, to no one\u2019s surprise, are on the rise: <\/strong>Saudi apartment rental prices rose 10.6% in 2024, spurred by increasing expat demand, particularly in Riyadh. Villa rents also grew 4-7%, slower than the UAE with Dubai up 18% and Abu Dhabi 10% but faster than the GCC\u2019s most affordable villa markets in Oman (up 1-2%) and Bahrain (up 2-3%). <\/p>\n

Property prices are also climbing: <\/strong>Saudi apartment prices are rising, with Riyadh up 8% in 2024, compared to Dubai\u2019s 19.5% increase, while Oman\u2019s apartment prices fell 13%. For villas, Bahrain, Oman, and Saudi lean on the affordable side, while the UAE, Qatar, and Kuwait are pricier. North Riyadh and Dubai are the most dynamic villa markets, with y-o-y price increases of 14-17% and 9-47%, respectively. High-end villas in Bahrain dropped 4.5% in early 2024.<\/p>\n

Despite rising prices, the Saudi property market is more affordable than most: <\/strong>Saudi Arabia has the lowest price-to-income ratio in the GCC, with Riyadh at 3.1 in 2024, making homes more affordable compared to cities like Kuwait City (10.1).<\/p>\n

Saudi Arabia recorded one of the highest <\/strong>apartment yields<\/strong> in the region at 7.8%<\/strong> slightly behind Kuwait and Bahrain (both 7.9%), and above the GCC average of 6.8% thanks to a strong leasing market and high price-to-income ratios, which make renting more favorable than homeownership.<\/p>\n

Expats\u2019 <\/strong>changing role in GCC housing demand: <\/strong>Expats, who make up 52% of the GCC population, have traditionally dominated the residential leasing market. However, they are increasingly transitioning to homeownership, becoming investors and business owners. Additionally, many expats are bringing their families to the region, which boosts population growth and consumer demand, although remittance outflows have decreased.<\/p>\n

The l<\/strong>uxury real estate race<\/strong>: <\/strong>Saudi Arabia, alongside the UAE and Qatar, is vying for dominance in the Gulf's luxury residential market. While Dubai leads in super-prime transactions (properties exceeding USD 10 mn), Saudi Arabia is advancing with projects like The Red Sea. Branded residences are also gaining popularity in the Middle East which now accounts for 12% of the global supply.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi real estate transactions hit USD 75.7 bn in 2024<\/p>\n","protected":false},"author":1,"featured_media":94774,"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":[10,381,106,2696,3400],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam-ksa","tag-gcc","tag-real-estate","tag-riyadh","tag-sakan","wpautop","entry"],"acf":{"mongo_id":"d2e1e8c6-b411-4bf4-95ae-854dbdf6dd32","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/1185.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Arabia captures 14% of GCC real estate market, up 47% y-o-y","related_issue":[94755],"teaser":"Saudi real estate transactions hit USD 75.7 bn in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.8c7867ce-1fbb-4f47-8fbb-bee02bfc5e95.mp3"},"yoast_head":"\nSaudi Arabia captures 14% of GCC real estate market, up 47% y-o-y - 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