Research
Kingdom of Saudi Arabia Retail Market Dynamics, Q2 2024
Summary and analysis of the Kingdom of Saudi Arabia's current retail real estate market conditions.
September 09, 2024
Contributors:
- Saud Alsulaimani
Jeddah saw the completion of several zones at Souq 7, adding about 106,000 sq. m. of retail space, which brings the city's total retail supply to 2.16 million sq. m.
The retail market in the first half of 2024 demonstrated relative stability despite some pressure being exerted on the sector as new institutional quality stock enters the market and consumers increasingly demand elevated experiences.
The outlook for the retail sector in Saudi Arabia remains positive in the long-term, with the sector being supported by a broadening range of demand drivers, increasing retail expenditure, and the growth in the number of tourists.
