Saudi Arabia's Non-Oil Economy Powers Real Estate Growth

The Kingdom of Saudi Arabia's non-oil economy is driving growth in its real estate market, according to CBRE's latest report.

A 2.9% year-on-year expansion in non-oil economic activities helped push overall GDP growth to 3%, supporting the delivery of large-scale projects and infrastructure development across the country.

Riyadh remains a key focus for investment, with major contracts awarded in multiple sectors, while Makkah, Madinah, the Eastern Province, and Aseer also recorded significant project awards.

The residential sector saw transaction volumes moderate, but prices continued to rise, with the National Residential Price Index increasing by 2.6% year-on-year.