Upcoming Trade Shows in Saudi Arabia for Real Estate

Saudi Arabia's real estate industry finds itself in an ideal position to grow exponentially for the next decade thanks to both increasing demand for residential and commercial properties as well as a series of ambitious government initiatives. We have to look at the Vision 2030 strategy to understand where the industry is headed. The Kingdom has prioritized housing development and aims to construct 300,000 residential units over the next five years in collaboration with private sector partners. This initiative is expected to support the nation’s goal of achieving 70% homeownership by 2030 and increasing the sector’s contribution to the GDP to 8.8%. The residential real estate market remains the backbone of Saudi Arabia's property sector. To meet its target of 4.96 million residences by 2030, the Kingdom must build approximately 1.2 million additional homes in the next decade. Housing demand is forecasted to rise sharply, from 99,600 units in 2021 to 153,000 units by 2030, which requires an average annual construction of 124,000 new homes. Government reforms and incentives have played a key role in stimulating home purchases. While the number of mortgages for flats increased by 12% as of August 2022, villa sales experienced a 45% decline. Saudi Arabia's commercial real estate industry is also seeing a boom in demand, particularly in Riyadh. The capital city’s office sector has seen a 19.3% increase in workplace visitation compared to pre-pandemic levels. Occupancy rates in Riyadh have risen by 0.7 percentage points, reaching 98.1% on average in 2022. Limited office space supply has driven rental price increases across the city. In 2022, Grade A office rents rose by 3.9%, while Grade B rents climbed by 4.2%. The sustained demand for high-quality office spaces aligns with the country’s broader economic expansion, as Riyadh remains a key hub for business and foreign investment.