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Saudi Arabia's real estate market is currently in a phase of vigorous development, propelled by Vision 2030, attracting widespread attention from domestic and international investors and substantial capital inflows. This initiative's primary goal is to increase the national homeownership rate to 70%, driving large-scale real estate project developments and creating new dynamics and opportunities within the market.

As of the end of June 2024, total investments in ongoing real estate projects in Saudi Arabia reached USD 60.287 billion. These projects cover various stages from bidding reviews to qualification pre-assessments and design phases, indicating rapid market expansion and bolstering global investor confidence.

Regarding market demand, data from the first quarter of 2024 revealed a 77% year-on-year increase in real estate sales transactions in Riyadh and an impressive 92.9% growth in Jeddah, highlighting sustained robust demand for residential properties in urban centers. These growth figures reflect the market's continuous pursuit of high-quality housing and underscore healthy development trends in the Saudi economy and real estate market.

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To attract more international investors and high-net-worth foreign nationals, the Saudi government has introduced a series of new premium residency visa policies. These policies include visa options linked to property ownership, allowing foreigners to obtain residency by purchasing real estate worth at least 4 million Saudi Riyals (approximately USD 1.1 million). This measure not only enhances the market's international appeal but also stimulates activity in high-end real estate transactions, particularly driving demand for luxury residential properties.

According to Knight Frank's "Destination Saudi Report," 82% of international high-net-worth buyers have shown strong interest in investing in Saudi real estate, with significant focus on the holy cities of Mecca and Medina. These regions, due to their cultural and religious significance, play a crucial role in international buyers' investment decisions, showcasing their unique attractiveness as investment destinations.

Beyond market growth and investment opportunities, the Saudi real estate market faces evolving policy environments and challenges posed by global economic conditions. However, with the progress and implementation of Vision 2030, the Saudi real estate market is expected to continue attracting domestic and international investors while expanding and improving its capacity to meet high-end residential demand.