PHOTO
DUBAI — Leading UAE property website Bayut announced its much-anticipated expansion into Saudi Arabia with the launch of Bayut.sa.
Bayut has been planning an expansion into the Saudi market for some time and has been conducting detailed research into the needs of the real estate industry in the country. On the heels of their recent announcement of acquiring Lamudi Middle East, the company is now thrilled to announce the launch of the new domain, which will feature a diverse portfolio of properties to cater to tenants and investors looking to rent, buy or sell real estate in KSA.
After fortifying their foothold in the UAE property market with unprecedented coverage across the seven emirates, Bayut has now set their sights on the growing demands of the Saudi Arabian property market. The launch of their new domain in Saudi can be seen as Bayut’s first step to grow into a formidable pan Arab brand with operations across the MENA region.
The Saudi Arabian real estate market has seen tremendous growth in the last few years. A combination of public and private sector initiatives to bolster the real estate industry have resulted in the boom of the property sector in KSA. The establishment of the Riyadh Metro and the launch of new mixed-use mega-developments as part of the kingdom’s ambitious Vision 2030 have also stimulated the market. Projects such as the $500-billion city NEOM, Qiddiya, and the Red Sea project are credited to the surge in interest in the region.
Authorities have also introduced several affordable housing programmes such as ‘Sakani’ to increase home ownership among Saudi nationals. As per the latest data released by KPMG, residential units in Riyadh and Jeddah are set to increase by 2.3% and 2.5% respectively in this year.
