Saudi Arabia’s real estate market sees 3.6 percent annual growth in Q4 2024
Date
1/19/2025 6:58:07 AM
(MENAFN) According to official figures, Saudi Arabia's real estate market continued on its upward trajectory in the fourth quarter of 2024, with the Kingdom's real estate price index rising 3.6 percent annually.
The residential real estate sector, which had a 3.1 percent increase over the same period in 2023, was the main driver of the growth, according to the General Authority for Statistics.
One important statistical tool that tracks changes in Saudi Arabian real estate prices is the Real Estate Price Index, which is based on transaction data from all throughout the Kingdom.
One of the main goals of Vision 2030, which seeks to establish Saudi Arabia as a major international center for trade and tourism, is to grow the real estate industry.
The Real Estate General Authority projects that the Kingdom's real estate market would increase at a compound annual growth rate of 8 percent, reaching USD69.51 billion in 2024 and USD101.62 billion by 2029.
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