Saudi Arabia’s real estate market maintained its steady growth in the second quarter of the year, with overall property prices in the kingdom witnessing a 3.2 per cent year-on-year rise, official data showed.
Commercial real estate prices recorded an annual increase of 11.7pc in the second quarter, while expenses for residential properties saw a marginal rise of 0.4 per cent, according to the latest report by the kingdom’s General Authority for Statistics.
Strengthening the real estate sector is one of the crucial goals outlined in Saudi Arabia’s Vision 2030 agenda, as the country continues to diversify its economy away from oil and position itself as a global business and tourist destination.
The Real Estate General Authority expects the property market to reach $101.62 billion by 2029, with an anticipated compound annual growth rate of 8pc from 2024.
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