Saudi residential transaction values surge 25% in Q3: Knight Frank

audi Arabia’s Vision 2030 aims to boost homeownership to 70 percent by 2030, driving extensive residential development. Shutterstock
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Updated 16 October 2024
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Saudi residential transaction values surge 25% in Q3: Knight Frank

RIYADH: Residential transaction values in Saudi Arabia surged 25 percent year on year in the third quarter of 2024, totaling SR35.4 billion ($9.4 billion), a new report showed. 

According to Knight Frank, the volume of deals also increased by 12 percent, reaching 45,924 deals, highlighting strong demand in the Kingdom’s housing market. 

Riyadh led this growth with a 16 percent increase in sale numbers and a 41 percent rise in transaction values compared to the same period of 2023. The city’s strong performance underscores its position as a central hub for real estate activity in the country. 

This comes as Saudi Arabia’s Vision 2030 aims to boost homeownership to 70 percent by 2030, driving extensive residential development. 

Many of these projects are undertaken by ROSHN, a $20 billion initiative from the Public Investment Fund aimed at delivering over 200,000 homes across the Kingdom. 

“With a current supply of 3.5 million units across the Kingdom’s five major cities, we forecast the residential supply to reach nearly 3.7 million units by the end of 2026,” stated Knight Frank. 

This anticipated increase aligns with the Kingdom’s broader urban development goals and Vision 2030 initiatives aimed at meeting housing demand driven by population growth and economic reforms.

Further supporting the market’s momentum, the report highlighted that Saudi banks issued SR55.7 billion in residential mortgage loans during the first eight months of the year, marking a 3 percent increase from the previous year. 

This growth in mortgage lending signals steady demand for homeownership and real estate investment. 

This follows a continued increase in demand over the last several quarters, as the Kingdom experiences growth in both local and expatriate populations amid efforts to attract investment and advance diversification projects. 

In a separate report in September, Jones Lang LaSalle noted that mortgage contracts in Saudi Arabia reached 24,482 in the second quarter of the year, reflecting a 12 percent year-on-year increase. 

The total value of these agreements amounted to SR18 billion, marking an 8 percent rise compared to the same period last year. 

The report emphasized that the growth in mortgage activity highlights sustained demand for residential properties and aligns with the government’s efforts to promote homeownership among citizens.


Saudi Arabia’s approach to AI transformation delivering business value: Publicis Sapient CEO

Updated 22 January 2026
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Saudi Arabia’s approach to AI transformation delivering business value: Publicis Sapient CEO

  • Nigel Vaz: We’re reimagining how, in the case of tourism, we transform Saudi Arabia into a destination that is actually relevant and attractive for people to explore
  • Vaz: Our Slingshot platform handles everything from design to deployment, allowing legacy modernization and new digital apps to be built

DAVOS: As 2026 emerges as a tipping point for artificial intelligence, executives across the Middle East are moving from experimentation to scaling AI in ways that can deliver real business value, according to Nigel Vaz, CEO of Publicis Sapient.

Speaking to Arab News at the World Economic Forum in Davos, Vaz highlighted Saudi Arabia’s proactive approach to integrating technology into national and sectoral strategies.

“I was in meetings with the minister for tourism in Saudi Arabia (Ahmed Al-Khateeb), where we do a lot of work for them, and meetings with (Communications) Minister Abdullah Alswaha,” he said.

“What you realize is technology is incredibly critical, but it’s critical to the extent that we’re reimagining how, in the case of tourism, we transform Saudi Arabia into a destination that is actually relevant and attractive for people to explore.”

Vaz also highlighted applications of AI beyond tourism, including energy and healthcare.

“You’re thinking about how it can enable a greener approach to energy, which is a big goal for their government,” he said.

“And in healthcare, predictive and preventative approaches allow trends to be addressed before they occur, which is a significant cost saving for the government,” he added.

The shift in mindset around AI reflects a broader trend globally.

“Last year there was a lot of excitement about AI, but most work was at a proof-of-concept stage,” Vaz said. “What’s tipped this year is the recognition that AI is only valuable if it drives real business outcomes.”

This involves moving beyond automating individual tasks to enabling entire workflows or decision sets that produce superior results.

“Individual tasks being automated by AI don’t create business benefit,” he said. “Entire workflows or decision sets need to be enabled by AI, and they must deliver better outcomes than are currently possible today.”

Vaz underscored the importance of integrating people and AI rather than treating technology as a replacement, adding: “Unless you’re a technology nerd, you’re not really caring about the technology for its own sake.”

Geopolitical tensions further heighten the importance of AI for real-time, intelligent decision-making. Vaz explained that Publicis Sapient has developed platforms such as Slingshot, Bodhi and SustainAI to deliver enterprise-grade AI solutions with measurable business impact.

“Our Slingshot platform handles everything from design to deployment, allowing legacy modernization and new digital apps to be built two to three times faster and 30 to 40 percent cheaper,” he said.

Bodhi leverages industry expertise to create agentic capabilities for autonomous decision-making, while Sustain transforms IT service management, using AI to monitor systems, self-heal, and reduce manual workload, he explained

“All of this is not to sell software; it’s to deliver outcomes to clients. That’s what we care about,” Vaz added.

He offered guidance for leaders navigating the AI era.

“An AI North Star is focusing on an area of the business where untapped value can be unlocked,” he said. “Focus on how that value will drive growth, reduce costs, or improve experiences for customers or employees, and use AI to achieve those outcomes, rather than experimenting in small pockets.”

For Vaz, 2026 represents a year when enterprises, particularly in forward-looking Middle Eastern economies like Saudi Arabia, are moving from theory to practice, scaling AI to deliver tangible impact and measurable outcomes for businesses, governments, and citizens alike.