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Saudi Arabia Real Estate Market Review Q3 2024

Real estate dynamics remain positive across office and residential sectors.

December 23, 2024 10 Minute Read

Office demand remains strong through Q3 2024, with occupancy rates still close to capacity. New supply is expected to enter the market more noticeably from the second half of 2025, but dynamics are likely to remain in the landlord’s favour for some time.
Sustained population and employment supporting residential fundamentals, with market still lacking sufficient quality stock, particularly of low -density compounds in and around Riyadh, which continues to support rental growth.
Tourism dynamics remained broadly positive, with 60 million visitors recorded in H1 2024, well up on the same period last year. However, overall occupancy rates softened slightly, albeit ADR’s and RevPAR continued to rise modestly.
The industrial sector continues to benefit from significant government investments into infrastructure and other initiatives aimed at raising domestic manufacturing production across key sectors.

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