Global Market Research Reports : Ken Research: KSA Real Estate Service Sector

Thursday, December 29, 2022

Innovation, technology and upskilling in facility services to positively influence the KSA Real Estate Services Market: Ken Research

1. The KSA Real Estate Service Market witnessed significant growth during the period of 2018-2022.

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The KSA Real Estate Service Market witnessed tremendous growth between 2018-2022. Although, the pandemic led to a slowdown in the demand for Real Estate Services in the short term, the market recovered and grew at a faster rate in the post pandemic period than before. KSA Real Estate Services Market is expected to grow at a much faster pace; primary reason being the adoption of such services in order to expedite the Saudi Vision 2030. Additionally, integration of innovation, technology and upskilling in facility services is expected to positively influence the KSA Real Estate Service Market in the coming years.

2. The Real Estate Service Market in KSA generated a total revenue of more than SAR 2.0 Bn in the year 2021, where in Riyadh is the highest contributor by region.

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Riyadh being the commercial and corporate hub of the country contributes the highest in the KSA Real Estate Service Market followed by Jeddah, DMA, Makkah & Medina and others. Saudi Arabia's residential market is expanding rapidly, with apartment prices in Riyadh and Jeddah showing the fastest pace of growth in 2017-2021. Because of the establishment of numerous international corporations in the Riyadh and Jeddah regions, the office or workspace solutions have gained traction among commercial real estate services.

3. The Real Estate Market Service Market in KSA is dominated by the Residential Sector.

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Developments in the residential industry have been maximum in the year 2021, followed by hospitality sector which boomed after the Covid due to high tourist footfall in the Makkah & Medina regions (Hajj pilgrimage). The Commercial industry has also shown a good traction due to increase in the setup of corporate offices by international companies.

Tuesday, November 8, 2022

Saudi Vision 2030 expected to lead the Real Estate Development in the Kingdom and Buyers to Increase Spending on Real Estate Services: Ken Research

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Development towards Vision 2030, Fourth industrial Revolution and Sustainable Smart City Developments to Support Real Estate Services Market

The KSA Vision targets a significant increase in the number of Riyadh residents over the next ten years, from around 7.5 million today to between 15 and 20 million by 2030. The only way to accommodate this massive increase in population in a sustainable manner is to increase density, which necessitates an increase in demand for Real Estate services in KSA. Growth in Real Estate development and thereby demand for properties is likely to enhance spending on real estate services, as buyers will become more concerned with respect to loan advisory and consulting services.

Fourth Industrial Revolution: Advances in technology, data, and artificial intelligence (AI) continue to change how buildings are designed, built, operated, and experienced, as well as client expectations of the real estate advisory capabilities that support all of this. Proptech has joined fintech as a widely used umbrella term for the resulting wave of new products and possibilities that is reshaping the entire concept of real estate services. Everything is inextricably linked to the future of work, changing workstyles, and sustainability which brings to the fifth trend.

Sustainable Smart City Developments: The KSA government is creating smart and sustainable cities to protect the environment while maintaining a perfect balance between economic and social development. With the help of automation and modern data-driven technology, Real Estate services are able to benefit from sustainable smart city projects. KSA intends to transform its cities into smart cities by including sustainability and technological integration into the buildings, which will boost the KSA Real Estate Service market throughout the forecast period.

The report titled “KSA Real Estate Services Market” by Ken Research suggested a multi bagger CAGR of 27% in revenue in real estate services market in region in the KSA next 5 years till 2026.

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