Rising demand for construction of hotels, resorts, and shopping malls and growth in tourist activities among others are driving the demand for Saudi Arabia property management market through 2026.
According to TechSci Research report, “Saudi Arabia Property Management Market by Component (Solution and Service), By Deployment (Cloud and On Premises), By End User (Housing Associations, Real Estate Agents, Corporate Occupiers, Property Investors, Others), By Application (Commercial, Industrial, Residential), By Region, Competition Forecast & Opportunities, 2016-2026”, Saudi Arabia Property Management Market is estimated to reach USD12.89 billion in terms of value by 2026. The property management market in Saudi Arabia is profiting from sustainable smart city projects, along with the execution of automation. Saudi Arabia is methodologically adopting smart city infrastructure with the aim of integrating the latest and sustainable technologies in the built environment which in turn, is anticipated to aid the growth of Saudi Arabia Property Management Market during the forecast period.
Browse 22 market data Figures and 2 data tables spread through 91 Pages and an in-depth TOC on“Saudi Arabia Property Management Market”
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Based on deployment, the market is segmented into Cloud and On-Premises. Cloud deployment is the fastest-growing segment in the Saudi Arabia property management market and is projected to grow in the coming years with a CAGR of over 9.69% from 2021-2026. This is due to the increasing inclination towards the adoption of cloud services by midsize and large organizations to store the data with high security. Cloud services in the deployment segment are increasing at a very fast pace on the account of rising adoption of cloud services for the various end-users that include housing associations, real estate agents, corporate occupiers, and property investors.
Based on application, the market is segmented into commercial, industrial and residential segments. The commercial sector accounted for a revenue share of 41.17% in Saudi Arabia property management market in 2020, and it is forecast to grow at a CAGR of 8.08% from 2021-2026. This is due to the rising demand from hotels, retail outlets, malls, and office buildings in the country, particularly in Riyadh and Jeddah. Moreover, due to the COVID-19 situation, people are getting more aware towards cleaning and sanitization in public areas that lead to the high demand in property management. Thus, companies engaged in providing property management services in Saudi Arabia are recommended to increase their focus on the commercial sector of the country.
In 2020, to prevent the spread of COVID-19, the government implemented lockdown which impacted the property management services. According to TechSci Research’s estimates, the market has come down by -9.68% in terms of value. This decline left a devaluation in the market, but the market is currently coming to a good situation and is set to overcome the decline in 2021-2022, making the shift towards the focus of all the organizations towards Clouds and On-Premises. Furthermore, the property management providers are offering end-to-end property management services to both the government as well as private sectors, helping them to work more efficiently in the key areas.
Based on region, Northern & Central held the largest share in Saudi Arabia Property management market in 2020, the Northern & Central regions of Saudi Arabia accounted for the largest share of 28.65% in the Saudi Arabia property management market owing to huge population growth, and rising investments in the commercial & housing sector. Furthermore, tourism activities in these regions are expected to contribute to the growth in the hotel industry, thereby creating ample demand for property management services in the coming years. Consequently, companies operating in the property management market in Saudi Arabia are recommended to focus on Northern & Central regions to increase the market share of their business and ultimately their profits.
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Unified Asset & Property Management (UAPM), Ray White Kingdom of Saudi Arabia (KSA), Colliers International (Saudi Arabia), Olaat Properties Management Company, Alandalus Property Company, Property Management and Deployment Company, SAB Constructions & Properties Company Limited, Al Khozama Management Company, BOUALVARD Facilities Management LLC, among others are the leading players operating in the Saudi Arabia property management market. Companies operating in the market are using organic strategies such as service advancements through addition of new features, partnerships, mergers and collaborations to boost their share in Saudi Arabia property management market.
Property management is the process of managing and supervising residential, commercial, and industrial properties, including shopping centers, apartments, and detached houses, among others. Property management also involves administering the property owned by another party or entity. Carrying on of such trends and increasing knowledge about cleanliness, security and maintenance are expected to drive the Saudi Arabia Property Management Market in the coming years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Property Management Market by Component (Solution and Service), By Deployment (Cloud and On Premises), By End User (Housing Associations, Real Estate Agents, Corporate Occupiers, Property Investors, Others), By Application (Commercial, Industrial, Residential), By Region, Competition Forecast & Opportunities, 2016-2026”, has evaluated the future growth potential of Saudi Arabia Property Management Market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Property Management Market.
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