A new Deloitte report anticipated that 2023 will see further growth in the real estate sector in Saudi Arabia.
Some of the drivers behind this growth will be the increase in residential sales. The post COVID-19 recovery tourism will also be a contributing factor, increasing the occupancy and the average daily rates in the hospitality sector.
Saudi’s increased gross domestic product, the report pointed out, is making it among the attractive global destinations for investors. Moreover, employment forecasts from Oxford Economics indicate the financial and business services segment registered a year-on-year growth in Saudi Arabia of 12%.
