{"id":95208,"date":"2025-03-12T00:00:00","date_gmt":"2025-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/12\/real-estate-transactions-reach-sar-267-8-bn-in-2024\/"},"modified":"2025-03-12T00:00:00","modified_gmt":"2025-03-12T00:00:00","slug":"real-estate-transactions-reach-sar-267-8-bn-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/12\/real-estate-transactions-reach-sar-267-8-bn-in-2024\/","title":{"rendered":"Real estate transactions reach SAR 267.8 bn in 2024"},"content":{"rendered":"

Saudi\u2019s real estate market at a glance: <\/strong>Real estate transactions across all sectors rose by 37% to 236.7k agreements, totaling SAR 267.8 bn in 2024, according to the latest Residential Market Review report (pdf)<\/a> by real estate consultancy Knight Frank.<\/p>\n

The breakdown: <\/strong>Residential sales grew 38% y-o-y to 202.7k agreements worth SAR 164.8 bn, while mortgage issuance increased by 17.7% to SAR 93.6 bn, mainly for villa purchases.<\/p>\n

By region:<\/strong> Jeddah saw a 53% increase in residential transactions, with total values rising by 43%, driven in part by the Saudi Central Bank\u2019s down payment reduction for Saudi nationals from 30% to 5%. In the Dammam Metropolitan Area, transactions grew by 49% to 11.3k, with values increasing by 44% to SAR 13.5 bn. Makkah\u2019s residential transactions rose by 12%, with values up 10%, while Madinah recorded a 45% increase in transaction volumes and a 29% rise in values.<\/p>\n

Housing supply is growing in Riyadh and Jeddah: <\/strong>Riyadh\u2019s housing supply rose by 49.4k units to 1.4 mn in 2024, with plans for 330k more by 2030 to support a 70% homeownership target. Jeddah\u2019s stock grew by 17.8k units to 909.4k during the same period, expected to reach 965.2k by 2027, driven by USD 134 bn in real estate and infrastructure investments boosting the economy, job creation, and housing demand, according to the report.<\/p>\n

\u2026 and elsewhere: <\/strong>The Dammam Metropolitan Area added 2.8k units in 2024, with 22k more in the pipeline. Madinah added 7k units in 2024, with 20.6k more expected by 2027. Knight Frank also expects Makkah\u2019s stock will rise 5.6% to 453k units by 2027.<\/p>\n

LOOKING AHEAD- <\/strong>Housing supply in major metropolitan areas is expected to grow from 3.5 mn units currently to 3.9 mn by 2028, the report said, citing the Premium Residency Visa program as a potential factor in reshaping real estate demand.<\/p>\n

REMEMBER- <\/strong>Foreigners have an incentive to purchase real estate with the Premium Residency Visa program allowing foreigners to obtain the \u201cSaudi Green Card\u201d<\/a> when acquiring properties valued at SAR 4 mn or more. Expats are shifting<\/a> from leasing to homeownership, becoming investors and business owners, while also bringing their families, driving population growth and consumer demand.<\/p>\n

Will supply increases resolve pricing woes? <\/strong>Many mid-market buyers are struggling to afford homes due to the rapid price increases<\/a> seen in recent years. Appetite for homeownership in Saudi Arabia among nationals fell 11 percentage points to 29% this year compared to 2023, with the highest-earning segment showing the strongest appetite for buying a home this year.<\/p>\n

ALSO-<\/strong> Spending by private real estate buyers is forecasted to reach USD 1.22 bn in the residential market in 2025, with Neom emerging as the most sought-after location, Reuters<\/a> reported, citing a separate Knight Frank report. <\/p>\n

BUT- <\/strong>Neom's popularity has decreased to 17% this year, from 84% in 2023, Faisal Durrani, Knight Frank's MENA head of research was quoted as saying. \"There are likely to be a range of reasons for this, including the emergence of other giga-projects over the last two years, perceptions around households' ability to afford to own a home in any of Neom's subprojects, a lack of ready-to-move-into homes, a lack of homes actually on the market to purchase, or a combination of the above,\" Durrani added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Residential sales hit SAR 164.8 bn<\/p>\n","protected":false},"author":1,"featured_media":95209,"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":[3152,10,2654,2149,3459,100,106,2696],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-dammam","tag-enterpriseam-ksa","tag-jeddah","tag-madinah","tag-makkah","tag-neom","tag-real-estate","tag-riyadh","wpautop","entry"],"acf":{"mongo_id":"15de74bc-66a5-4189-baa0-ce4251326333","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/911.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Real estate transactions reach SAR 267.8 bn in 2024","related_issue":[95198],"teaser":"Residential sales hit SAR 164.8 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.ee2b16fb-23e6-40d0-bed7-96b792a752c8.mp3"},"yoast_head":"\nReal estate transactions reach SAR 267.8 bn in 2024 - 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