Saudi Arabia Real Estate Market Outlook to 2013
Bharatbook.com added a new research report on “The report titled “Saudi Arabia Real Estate Market Outlook to 2013” discusses in details various aspects of the Saudi Arabia’s real estate market with the focus on the competition and increasing domestic population.
Saudi Arabia Real Estate Market Outlook to 2013
The report covers the comprehensive analysis on the market size of the real estate sector in Saudi Arabia on the basis of supply and contribution of the real estate sector to the economy of the country, market segmentation, competitive landscape and company profiles of major developers operating in Saudi Arabia. The report also entails the SWOT analysis of the real estate sector in Saudi Arabia. The future projections and outlook provide an insight on the future growth drivers and challenges in the real estate sector of Saudi Arabia. http://www.bharatbook.com/market-research-reports/infrastructure-market-research-report/saudi-arabia-real-estate-market-outlook-to-2013.html
The real estate market in Saudi Arabia has shown a remarkable growth over the years. The reason for such growth is attributed to the country’s domestic population which generated around ~% of the total real estate demand. The real estate activity in Saudi Arabia is majorly prevalent in the cities of Muscat, Riyadh, Jeddah and Makkah, Al Khobar and Dammam.
The residential segment of the market has showcased a robust growth on account of the growing population, demanding for more residential properties for accommodation. An increasing number of marriages in the country have also catalyzed the demand growth as most of the newly wedded couples seek for residential properties either on rent or lease. Additionally, the preference of the young domestic population with better disposable income to purchase a residential property has impelled the demand for residential units in the country.
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The office market in Saudi Arabia however, continues to suffer from the effect of the global economic slowdown as foreign companies still restrict themselves from expanding their operations in the country. However, in the recent past a preference for office spaces has been witnessed from the young domestic population. In Q1 of 2011, it has been observed that the office market in both the major cities of the Saudi Arabia, Riyadh and Jeddah have been under immense pressure due to the lack of supply to meet the potential demand. In Q1 of 2011, a total of ~ square meters and ~ square meters were added to the existing office stock of Riyadh and Jeddah and an addition of ~ sq. m in total is expected to be supplied in the year to balance the gap between the demand and the supply. On one hand, where the market in Jeddah suffered due to the under-supply of office stock, on the other hand the market in Riyadh suffered due to over-supply in Q1 of 2011.
The hotel segment contributed around ~% of the total real estate market in Saudi Arabia. This segment of the market has been growing consistently after the economic debacle since the H2 of 2008. This segment of the real estate market is primarily driven by the leisure and business tourists and travelers to Saudi Arabia.
The retail segment in Saudi Arabia which is also influenced by the entry of tourists and travelers who come to the region for shopping and other recreational activities, contributed approximately ~% of the total real estate market. This market has grown marginally but consistently over the years.
The potential of the real estate market in Saudi Arabia has allured numerous developers and new entrants over the years. The region is estimated to be the domain for ~ registered and unregistered real estate offices of which approximately ~% based in the Central region, ~% in the Western and ~% in the Eastern region. It has been observed that the market is fragmented amongst several players of which around ~% are small and unregistered developers and the remaining ~% is scattered amongst ~ potential developers.
In 2010, the major developers in the country contributed around ~% of the total market revenue. The conglomerates accounted for approximately ~% of the market revenue and around ~% were contributed by the medium sized developers. The commercial sector is however, shared by the major players and the diversified conglomerates with their profound financial health.
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