The Saudi Vision 2030

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    The Saudi Vision 2030: how does it affect the kingdom’s real estate market?

     

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    During the last year, the Arabian Peninsula’s biggest kingdom has witnessed many shifts in its social norms and laws. The most notable of these changes could be seen in the slow-but-steady movement towards women enablement, starting with lifting the driving ban on the Saudi Arabian women.

    However, the biggest and most obvious change came before that in April 2016, when crown prince Muhammad bin Salman announced the launch of Saudi Vision 2030. A year and a half later, in October 2017, bin Salman announced more details of the vision along the launch of the mega project Neom City, the first transnational economic city in the region.

    The vision aims at helping KSA survive the economic crisis it is going through right now through shifting its focus to the development of the non-oil economic and the public service sectors. At the top of the list of these sectors come the clean energy industry and the real estate market in Saudi Arabia.

    To summarize, the downfall of the real estate market in Saudi Arabia is expected to last on the short term. However, the decline is predicted to decelerate till the market reaches a stabilized state with the help of the Saudi Arabian government newly-levied laws and policies and the movement towards increasing the dependence on the non-oil economic sectors.