Saudi Arabia Condominiums And Apartments - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030)

The Saudi Arabia Condominiums And Apartments Market size is estimated at USD 16.20 billion in 2025, and is expected to reach USD 21.81 billion by 2030, at a CAGR of 6.12% during the forecast period (2025-2030).

In recent years, the Saudi Arabian condominiums and apartments market has undergone significant changes driven by various influencing factors. A notable driver of this market growth is the surging demand for housing. Projections indicate that housing demand in Saudi Arabia could see an uptick of over 50% by 2030. As urban migration intensifies, driven by job opportunities and lifestyle choices, the appetite for residential spaces like flats and condominiums has surged. Over the last decade, Saudi Arabia has undergone a metamorphosis in its housing landscape. The Kingdom is on track to achieve its ambitious targets by 2030: a housing industry contributing 8.8% to the GDP and a commendable 70% homeownership rate.

Government initiatives, such as the Saudi Vision 2030 and the Sakani Housing Development Program, are pivotal in this housing evolution. These initiatives aim to bolster homeownership rates among Saudi nationals, with ambitious plans to construct approximately 19,500 residential units. Economic stability and rising incomes are crucial in shaping the affordability of residential properties in the Kingdom. As a result, the markets for both apartments and condominiums are witnessing robust growth, with an increasing number of individuals stepping into the realms of renting or purchasing properties.

Saudi Arabia Condominiums And Apartments Market Trends

Increasing Demand in the Saudi Arabian Apartment Rental Market

The Saudi Arabian apartment rental market is poised for growth in the coming years. This surge is largely attributed to rising household expenditures, driven by increased value-added tax. While household spending plays a subtle role, the allure of competitively priced rentals is likely to sway more households. Economic pressures influence apartment sales and rental rates, including an expat-dependent levy and a decelerating economy. Demand for apartments has waned in contrast to villas. Yet, with a growing number of new buildings featuring apartments, their popularity is on the upswing compared to previous years. The multi-dwelling concept promises enhanced revenue potential and offers a swift transition to a rental model if quicker sale absorption is desired.

Investments gravitate toward newly constructed apartment buildings boasting modern amenities, upscale fittings, and private basement parking. Due to their closeness to Riyadh's central business district, flats in Saudi Arabia's eastern and central regions are now more sought after than villas. The eastern region offers more expansive options, while the central districts have limited land availability.

Riyadh's Residential Market: A Growing Hub Amid Economic Fluctuations

Riyadh, the capital of Saudi Arabia, is home to 6.5 million people. In the heart of the Arabian Peninsula, Riyadh's strategic location and its burgeoning economic activities have cemented its status as a favored commercial hub for Saudis and expatriates. Despite facing a downturn, the demand for affordable housing units in Riyadh has shown a consistent upward trajectory, hinting at a potential resurgence in the city's residential market. This growth is driven by a burgeoning population, swift urbanization, shrinking household sizes, and proactive government initiatives. While West Riyadh stands out for its demand for luxury apartments and premium office spaces, the city's northern and central neighborhoods, such as Al Ghadeer, Al Nada, Al Malga, and Al Wurud, command the highest rental rates.

Saudi Arabia Condominiums And Apartments Industry Overview

The Saudi Arabian condominiums and apartments market is semi-fragmented with local and international developers and property management companies. The competitive landscape of the market has also been analyzed in the report. Some of the major players include Al Saedan Real Estate, Kingdom Holding Company, Ewaan, Al Ra'idah Investment Company, and SEDCO Development.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

This product will be delivered within 2 business days.