Innovation, technology and upskilling in facility services to positively influence the KSA Real Estate Services Market: Ken Research
1. The KSA Real Estate Service Market witnessed significant growth during the period of 2018-2022.
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The KSA Real Estate Service Market witnessed tremendous growth between 2018-2022. Although, the pandemic led to a slowdown in the demand for Real Estate Services in the short term, the market recovered and grew at a faster rate in the post pandemic period than before. KSA Real Estate Services Market is expected to grow at a much faster pace; primary reason being the adoption of such services in order to expedite the Saudi Vision 2030. Additionally, integration of innovation, technology and upskilling in facility services is expected to positively influence the KSA Real Estate Service Market in the coming years.
2. The Real Estate Service Market in KSA generated a total revenue of more than SAR 2.0 Bn in the year 2021, where in Riyadh is the highest contributor by region.
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Riyadh being the commercial and corporate hub of the country contributes the highest in the KSA Real Estate Service Market followed by Jeddah, DMA, Makkah & Medina and others. Saudi Arabia’s residential market is expanding rapidly, with apartment prices in Riyadh and Jeddah showing the fastest pace of growth in 2017-2021. Because of the establishment of numerous international corporations in the Riyadh and Jeddah regions, the office or workspace solutions have gained traction among commercial real estate services.
3. The Real Estate Market Service Market in KSA is dominated by the Residential Sector.
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Developments in the residential industry have been maximum in the year 2021, followed by hospitality sector which boomed after the Covid due to high tourist footfall in the Makkah & Medina regions (Hajj pilgrimage). The Commercial industry has also shown a good traction due to increase in the setup of corporate offices by international companies.
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