主なハイライト

サウジアラビアのオフィスセクターの数字と占有者の需要は、2022年の最後の四半期に強いままでした。特にリヤドでは、在庫レベルが乏しく、今後の開発の多くはほぼ完全に事前リースされています。リヤドのグレードAオフィスは、2022年の最後の四半期において、平均賃料が前年同期比で5.8%増加しました。一方、グレードBの賃料は1.5%上昇しました。平均占有率については、両グレードの在庫ともに占有レベルがわずかに改善し、2022年にはそれぞれ99.2%および98.7%に達し、年次でそれぞれ0.8および1.9ポイント上昇しました。

• ジェッダでは、グレードAオフィスの賃料が2022年12月までの12ヶ月間で7.4%増加しましたが、グレードBの賃料は変わりませんでした。グレードAとグレードBのオフィスの稼働率はそれぞれ90.6%と76.0%に上昇し、2021年の87.8%と74.6%から増加しました。東部州では、ダンマームとアルコバールのオフィス市場で、2022年までの1年間でグレードAの賃料がそれぞれ7.9%と6.2%増加し、グレードBの賃料は横ばいでした。2022年末時点でのダンマームとアルコバールのグレードAの稼働率はそれぞれ81.2%と78.7%でした。

サウジアラビアの住宅取引量は、2022年に前年と比べて24.5%減少しました。全体で、住宅取引の総数は175,067件、これらの取引の総価値は1265億サウジリヤルに達し、この期間の前年比でわずか3.7%の減少を示しています。地域レベルでは、2022年を通じて主要3地域で取引量が減少し、リヤドでは33.9%、ジェッダでは16.2%、ダンマーム都市圏では20.9%の減少が見られました。住宅部門の価格動向に関しては、リヤド、ジェッダ、ダンマームにおける平均別荘価格はそれぞれ6.2%、6.7%、17.4%増加しました。

• 1 イントロダクション

  • 1.1 調査の前提

  • 1.2 本調査の範囲

• 2 調査手法

• 3 エグゼクティブサマリー

• 4 市場ダイナミクス

  • 4.1 経済・市場概要

  • 4.2 COVID-19の市場インパクト

  • 4.3 不動産購入トレンド - 社会経済および人口動態的観点からの考察

  • 4.4 居住用不動産おける政府の取り組み・規制

  • 4.5 不動産融資とLTV（ローントゥバリュー）のトレンド考察

  • 4.6 不動産市場において活発な技術イノベーション、スタートアップおよびプロップテック企業

  • 4.7 サウジアラビアおよび主要都市における不動産需給

  • 4.8 不動産セグメントの賃貸利回りに関する洞察

  • 4.9 不動産市場における資本市場ペネトレーションおよびREITのプレゼンスの考察

  • 4.10 政府および官民共同の居住支援に関する考察

  • 4.11 市場ダイナミクス

    • 4.11.1 促進要因

      • 4.11.1.1 商業活動の成長と競争の激化
      • 4.11.1.2 廉価住宅への需要の高まり

    • 4.11.2 抑制要因

      • 4.11.2.1 住宅スペースの不足と住宅ローン規制が生む課題

    • 4.11.3 市場機会

• 5 市場セグメンテーション

  • 5.1 物件タイプ別

    • 5.1.1 住宅不動産

      • 5.1.1.1 アパートメント
      • 5.1.1.2 ヴィラ
      • 5.1.1.3 その他の不動産タイプ

    • 5.1.2 商業不動産

      • 5.1.2.1 事業所一覧
      • 5.1.2.2 リテール
      • 5.1.2.3 ホスピタリティ
      • 5.1.2.4 その他の種類の商業用不動産

• 6 競合情勢

  • 6.1 Market Concentration

  • 6.2 企業プロファイル

    • 6.2.1 Jenan Real Estate Company

    • 6.2.2 Ewaan Co. Ltd

    • 6.2.3 Sedco Development

    • 6.2.4 Jabal Omar

    • 6.2.5 Emaar

    • 6.2.6 Al Saedan Real Estate

    • 6.2.7 Kingdom Holding Company

    • 6.2.8 Abdul Latif Jameel

    • 6.2.9 Dar Ar Alkan*

  • 6.3 その他企業

    • 6.3.1 JLL Riyadh

    • 6.3.2 Century 21 Saudi Arabia

    • 6.3.3 Saudi Real Estate Company

    • 6.3.4 Nai Saudi Arabia

    • 6.3.5 サウジ不動産エコシステムにおけるその他の主要プレーヤー

• 7 市場のチャンスと将来性

• 8 付録

The Saudi Arabia Real Estate Market size is expected to grow from USD 69.51 billion in 2024 to USD 101.62 billion by 2029, at a CAGR of 7.89% during the forecast period.

Key Highlights

• Saudi Arabia's office sector figures and occupier demand remained strong over the last quarter of 2022. This was particularly so in Riyadh, where stock levels remain anaemic at best and many upcoming developments are mostly fully pre-leased. Grade A offices in Riyadh saw average rental rhe last quarter of 2022. This was particularly so in Riyadh, where stock levels remain anaemic at best and many upcoming developments are mostly fully pre-leased. Grade A offices in Riyadh saw average rental rates increase by 5.8% year-on-year increase in 2022, while Grade B rents rose by 1.5%. As for average occupancy rates, both Grades A and B stock saw occupancy levels improve slightly to 99.2% and 98.7% in 2022, marking annual increases of 0.8 and 1.9 percentage points respectively.
• In Jeddah, Grade A office rents increased by 7.4% in the 12 months to December 2022, whereas Grade B rents remained unchanged. Occupancy rates for both Grade A and Grade B offices rose to reach 90.6% and 76.0%, up from 87.8% and 74.6% in 2021. In the Eastern Province, Dammam and Khobar's office markets saw Grade A rents increase by 7.9% and 6.2% respectively over the year to 2022, with Grade B rents remaining flat. Grade A occupancy levels in Dammam and Khobar at the end of 2022 stood at 81.2% and 78.7% respectively.
• Residential transaction volumes in Saudi Arabia fell by 24.5% during 2022, compared to a year earlier. Overall, the number of residential transactions totalled 175,067 and the total value of these transactions stood at SAR 126.5 billion over this period, representing only a marginal decline of 3.7% year-on-year. On a regional level, we have seen total transaction volumes fall across the three major regions throughout 2022, where in Riyadh, Jeddah and the Dammam Metropolitan Area (DMA) total transaction volumes fell by 33.9%, 16.2% and 20.9% respectively. With regards to price performance in the residential sector, average villa prices in Riyadh, Jeddah and Dammam increased by 6.2%, 6.7% and 17.4% in 2022.

Saudi Arabia Real Estate Market Trends

The Residential Sector Sustains Country's Real Estate Market

Saudi Arabia has identified housing as one of its key projects under Vision 2030. The housing ministry aims to build 300,000 housing units over the next five years, in partnership with the private sector.

Looking at Saudi Arabia's office sector numbers, visitation to the workplace remained higher than its pre-pandemic baseline, presently standing 19.3% higher. The focus of activity remains on Riyadh, where demand continues to surpass supply. As a consequence, occupancy levels in Riyadh have increased by 0.7 percentage points in the prior quarter, reaching 98.1% on average in 2022. Constrained supply levels have also continued to sustain rental rate rise, with average Grade A and Grade B rentals increasing by 3.9% and 4.2%, respectively, in the year 2022.

To attain a housing supply of 4.96 million residences by 2030, the Kingdom will need to build around 1.2 million additional homes during the next decade. Housing demand is predicted to rise from 99,600 houses in 2021 to 153,000 houses by 2030, with an average of 124,000 dwellings built per year over that time.

In the last decade, the Kingdom of Saudi Arabia has achieved significant progress in reforming its housing industry. It is expected to accomplish its goals of 70% house ownership and an 8.8% contribution to national GDP by 2030.

In the year to August 2022, the overall number of mortgages tied to flat purchases climbed by 12% across the Kingdom, compared to a 45% fall in villas. Rising corporate activity and a rise in overall employment in Riyadh are driving up demand for residential units.

Indeed, according to the most recent Oxford Economics prediction, employment in Riyadh will have climbed by roughly 5% by the end of 2022, with a further 3% growth expected in 2023.

International Companies are Opening Regional Headquarters in Riyadh

The Saudi government has set up a new program intended to accelerate its plan to attract international companies to the Kingdom.

Saudi Arabia has announced some companies will be able to operate in the kingdom without having a headquarters in the country.

Companies with foreign operations not exceeding 1 million Saudi riyals (USD 266,000) can operate in the kingdom without local headquarters.

MISA's data also reveals that 53 investment deals were signed across various sectors during 2022. These include sectors like communications and IT, energy, and health.

Despite global economic uncertainty, the total number of new investment licenses issued during 2022 amounted to 1,163, reflecting new foreign investment license stability.

Moreover, MISA stated that, after excluding the number of new licenses issued as part of the campaign to combat commercial cover-up, 928 new licenses for foreign investment were issued in 2022.

This represents an 8.8 per cent increase year on year, reflecting the Kingdom's position as an appealing investment destination, with strong competitive advantages represented in a stable and supportive investment environment, as well as the availability of local inputs, young human resources, and the Kingdom's strategic geographical location.

Companies having foreign activities worth less than one million Saudi riyals (USD 266,000) are permitted to operate in the kingdom without establishing a local headquarters. Saudi officials expect that 480 companies will set up shop in the kingdom by 2030, as the country seeks to diversify its oil-rich economy. PepsiCo, DiDi, Unilever, Siemens, KPMG, Novartis, Baker Hughes, Halliburton, Philips, Flour, Schlumberger, SAP, PwC, Oyo, Boston Scientific, and Tim Hortons were among the corporations that had already relocated their regional headquarters.

The Kingdom of Saudi Arabia's Regional Headquarters Attraction Programme for Multinational Companies, a Vision 2030 project, is intended to provide major local benefits to the Saudi economy. The move is also intended to allow local talent to collaborate with multinational corporations. Riyadh's Grade A office average rents increased by 5.9%, while Grade B managed an increase of 3.5% in the 12 months to September 2022.

Saudi Arabia Real Estate Industry Overview

The market is highly competitive, with increasing demand for new properties due to growth in commercial activities and increased competition.

Some of the major real estate development companies operating in Saudi Arabia are Al Saedan Real Estate, Kingdom Holding Company, Ewaan, SEDCO Development, Jabal Omar Development Company, and Emaar.

More than 95% of the local real estate developers are primitive in their work. The old ways of doing business will prove challenging to them in supplying the market with high-quality office buildings. The Kingdom mandated that all foreign companies with contracts with the government move their head offices to Saudi Arabia. This mandate implies the country's need for more office buildings to meet international standards and cover the huge demand for foreign companies and investors.

The market is expected to witness aggressive competition between local and international developers. Companies must change their strategies to survive by adopting international standards and practices.

International real estate companies are entering the Saudi market to secure their place and obtain a market share, as this is a growing and promising market in its early stage of booming.

Additional Benefits:

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

• 1 INTRODUCTION

  • 1.1 Study Assumptions

  • 1.2 Scope of the Study

• 2 RESEARCH METHODOLOGY

• 3 EXECUTIVE SUMMARY

• 4 MARKET DYNAMICS

  • 4.1 Overview of the Economy and the Market

  • 4.2 Impact of COVID-19 on the Market

  • 4.3 Real Estate Buying Trends - Socioeconomic and Demographic Insights

  • 4.4 Government Initiatives and Regulatory Aspects for the Residential Real Estate Sector

  • 4.5 Insights Into Size of Real Estate Lending and Loan to Value Trends

  • 4.6 Focus on Technology Innovation, Startups, and PropTech in Real Estate

  • 4.7 Demand for and Supply of Real Estate in Saudi Arabia and Key Cities

  • 4.8 Insights into Rental Yields in Real Estate Segment

  • 4.9 Insights into Capital Market Penetration and REIT Presence in Real Estate

  • 4.10 Insights Into Affordable Housing Support Provided by Government and Public-private Partnerships

  • 4.11 Market Dynamics

    • 4.11.1 Drivers

      • 4.11.1.1 Growth in Commercial Activities and Increased Competition
      • 4.11.1.2 Increasing Demand for Affordable Housing Units

    • 4.11.2 Restraints

      • 4.11.2.1 Lack of Housing Spaces and Mortgage Regulation can Create Challenges

    • 4.11.3 Opportunities

      • 4.11.3.1 Demand for Office Spaces is Likely to Increase Across Key Cities in Saudi Arabia
      • 4.11.3.2 Ongoing Technological Advancements in the Construction Industry

• 5 MARKET SEGMENTATION

  • 5.1 By Property Type

    • 5.1.1 Residential Real Estate

      • 5.1.1.1 Apartments
      • 5.1.1.2 Villas
      • 5.1.1.3 Other Types of Residential Real Estate

    • 5.1.2 Commercial Real Estate

      • 5.1.2.1 Offices
      • 5.1.2.2 Retail
      • 5.1.2.3 Hospitality
      • 5.1.2.4 Other Types of Commercial Real Estate

• 6 COMPETITIVE LANDSCAPE

  • 6.1 Market Concentration

  • 6.2 Company Profiles

    • 6.2.1 Jenan Real Estate Company

    • 6.2.2 Ewaan Co. Ltd

    • 6.2.3 Sedco Development

    • 6.2.4 Jabal Omar

    • 6.2.5 Emaar

    • 6.2.6 Al Saedan Real Estate

    • 6.2.7 Kingdom Holding Company

    • 6.2.8 Abdul Latif Jameel

    • 6.2.9 Dar Ar Alkan*

  • 6.3 Other Companies

    • 6.3.1 JLL Riyadh

    • 6.3.2 Century 21 Saudi Arabia

    • 6.3.3 Saudi Real Estate Company

    • 6.3.4 Nai Saudi Arabia

    • 6.3.5 Other Key Players in Saudi Real Estate Ecosystem

• 7 OPPORTUNITIES AND FUTURE OF THE MARKET

• 8 APPENDIX