Modern trends in the real estate market
The real estate market is constantly changing thanks to technological and economic developments and changing consumer needs. As we enter 2024, new trends are emerging that are reshaping the real estate sector, making it essential for investors and developers to keep up with these developments. Here are the most prominent recent trends shaping the real estate market today.
1. Smart Real Estate and Connected Home Technologies
- Smart real estate that relies on the Internet of Things (IoT) and automation technologies has become a preferred option for many buyers.
- Smart homes provide remote control of lighting, air conditioning, and security systems, enhancing comfort and safety.
- Developers are moving towards adopting these technologies to increase the attractiveness of properties for sale or rent.
2. Sustainability in design and construction
- There is an increasing focus on using environmentally friendly building materials and systems that reduce energy and water consumption.
- Real estate developers are embracing green building concepts and sustainable communities in response to customer demands and in line with the Kingdom’s Vision 2030.
- The trend towards renewable energy such as solar panels has become a key element in new projects.
3. Reliance on digital technology
- Online real estate buying and selling platforms are becoming popular, making it easier for buyers to search and compare properties.
- Virtual reality (VR) and augmented reality (AR) are being used to showcase properties remotely and provide immersive experiences for buyers.
- Artificial intelligence helps in analyzing market trends, predicting prices, and providing personalized recommendations to buyers.
4. Increased demand for mixed-use properties
- There is an increasing demand for properties that combine living, working and entertainment in one place.
- “Mini-city” projects that contain residential apartments, commercial offices and entertainment facilities are becoming more prevalent.
- These projects offer a comfortable lifestyle that suits the changes in modern living styles.
5. Luxury properties and a distinctive living experience
- With rising income levels and an increasing desire for distinction, luxury properties are becoming increasingly popular.
- Developers are offering options that combine modern design with integrated facilities such as health clubs, swimming pools and green spaces.
6. Growing demand for small properties
- With changing lifestyles and more people living alone, there is a growing demand for small apartments and studios.
- Small properties offer affordable prices and less maintenance, making them an attractive option for young people and novice investors.
