Saudi Arabia Real Estate Brokerage Market

Saudi Arabia Real Estate Brokerage Market Analysis

The Saudi Arabia Real Estate Brokerage Market size is estimated at USD 8.69 billion in 2025, and is expected to reach USD 12.08 billion by 2030, at a CAGR of 6.8% during the forecast period (2025-2030).

The Saudi Arabian real estate brokerage market is experiencing significant growth and transformation, driven by economic diversification initiatives, urbanization, and regulatory reforms under the Vision 2030 program. This market includes property sales, leasing, management, and real estate investment advisory services. Giga projects like Neom are expected to create demand for 300,000 new homes for the Kingdom’s 9 million residents.

Establishing the Real Estate General Authority (REGA) and introducing regulatory reforms have enhanced transparency and investor confidence in the country's real estate market. These reforms have made it easier for local and foreign investors to participate in the market, increasing the demand for professional brokerage services.

The first half of 2023 witnessed a significant increase in off-plan projects in Saudi Arabia, with a growth of 52% compared to the same period the previous year. According to the Wafi Program, the country's off-plan sales and leasing committee in MoMRAH, 47 off-plan sales projects received licenses in the first half of 2023. As more off-plan projects enter the market, prospective buyers seek professional guidance from brokers to navigate the complexities of purchasing pre-construction properties.

Saudi Arabia Real Estate Brokerage Market Trends

Government-led Initiatives Driving the Saudi Arabian Real Estate Brokerage Market

As part of its Saudi Vision 2030, the Saudi Arabian government is actively reshaping the nation's real estate industry through its National Transformation Program. The government's initiatives, led by the Ministry of Municipal and Rural Affairs and Housing (MoMRAH), aim to enhance citizens' quality of life, improve housing accessibility, and open up new investment opportunities.

Under MoMRAH's guidance, these initiatives range from facilitating ready-to-market units and providing financial aid to simplifying legal processes, offering self-construction options, and easing land acquisition. Collectively, these efforts are bolstering the housing industry.

Significant projects like Neom, Oxagon, Sindalah, Trojena, and The Line are set to drive the demand for 300,000 new homes by 2025. This underscores the necessity for skilled brokerage services, as highlighted by H.E. Majed bin Abdullah Al-Hogail, the Minister of Housing of Saudi Arabia. Additionally, with the National Housing Company (NHC) developing over 140,000 residential units, brokers are crucial in marketing these properties and facilitating sales.

With a target of achieving 70% homeownership by 2030 and focusing on urban revitalization, the government is actively working to maintain a dynamic real estate market. Acting as intermediaries, real estate brokers play a pivotal role in connecting buyers with suitable properties, especially in rapidly growing urban areas.

Strategic Partnerships Driving Expansion in the Saudi Arabian Real Estate Brokerage Market

In July 2024, the Trump Organization partnered with Dar Global to develop a luxury high-rise tower in Jeddah, marking its first major venture in Saudi Arabia. This project aims to cater to the luxury segment of Saudi Arabia's real estate market and international investors.

Leveraging their successful collaboration on the Trump International Oman project, both parties aim to set new standards of luxury and sophistication in key Saudi cities. Dar Global, part of Dar Al Arkan, plans to capitalize on this partnership to attract high-net-worth buyers and elevate luxury living standards in the region, thereby expanding its presence and influence in Saudi Arabia's booming real estate industry.

A luxury development by a renowned brand like the Trump Organization will attract high-net-worth individuals and international investors. Brokers will facilitate transactions, match buyers to properties, and manage negotiations.

Similarly, in May 2024, SCG International Corporation signed a Memorandum of Understanding (MOU) with Buna Al Mamlaka (BUNA) to promote sustainable construction technologies in Saudi Arabia. This partnership involves setting up showrooms for SCG's advanced building materials and supports SCG's expansion in South Asia, the Middle East, and Africa.

Brokers and developers using these advanced materials and technologies may gain a competitive edge, differentiate their offerings, and attract clients interested in sustainable and innovative real estate.

Saudi Arabia Real Estate Brokerage Industry Overview

The Saudi Arabian real estate brokerage market boasts a dynamic landscape marked by a mix of global and domestic players. Notable entities in this arena encompass international giants like Jones Lang LaSalle (JLL), Knight Frank, Colliers International, and CBRE, alongside robust regional contenders such as Al Habtoor Group, Hamptons International, and Abdul Latif Jameel Real Estate.

Brokers in Saudi Arabia are increasingly turning to technology, embracing tools like virtual tours, AI-driven property matching, and digital transaction platforms. These tech upgrades enhance the client experience and streamline operations, giving firms a competitive edge. Collaborations between local and international players facilitate the exchange of expertise, market insights, and resources, bolstering service quality and extending market presence, especially in high-demand locales.

Saudi Arabia Real Estate Brokerage Market Leaders

Saudi Arabia Real Estate Brokerage Market News

June 2024: Abdullah Al-Hammad, CEO of the Real Estate General Authority (REGA), announced that Saudi Arabia was set to unveil its inaugural legislation for facility management within the real estate industry in Q1 of 2024. This legislation enhances the industry's reliability and investment appeal by establishing clear regulations. Al-Hammad emphasized the pivotal role of the Real Estate Brokerage Law in advancing the industry. He highlighted its functions in modernizing operations, enhancing governance, and positioning real estate as a transparent and reliable investment avenue.

January 2023: The Saudi Real Estate Authority reported an overwhelming response to the new Real Estate Brokerage Law, with more than 89,000 license requests flooding through its electronic services within two days of its enactment. Of these requests, the authority swiftly processed and granted over 72,000 licenses to individual practitioners, while an additional 17,100 licenses were allocated to establishments.