Executive Summary
The Saudi Arabian real estate market has been broadly positive supported by favourable economic conditions and government initiatives. Rising interest, sober global economic outlook poses some headwinds. Saudi Arabias economic growth momentum is expected to slow down in 2023 compared to 2022, amid expected softening in oil prices and lower production in line with OPEC+ cuts. Value of real estate transactions in Saudi Arabia from January-September 2022 registered an increase of 12.2% y/y. Real estate prices, as indicated by the price index, have been relatively stable in the recent past, showing mild growth. Saudi Arabia published the real estate brokerage law in July 2022, which would come into force in six months time. The law will contribute to regulating and improving real estate brokerage services in the country. Saudi Arabias Real Estate sector is expected to continue its recovery with a moderate chance of acceleration in 2023.
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