From Pandemic to Prosperity: How KSA’s On-Demand Home Service Market Crosses $1 Bn in 2022? And what’s more? : Ken Research

On-Demand Home Service Industry in KSA is expected to growth at a robust CAGR of 7.5% in next 5 years, says a report by Ken Research

1. Resilience Amidst Adversity: On-Demand Home Services in KSA Remain Least Impacted by COVID-19’s Economic Fallout.

Since the first confirmed case of COVID-19 was announced in KSA on March 2, 2020, the country’s economy has been significantly affected. However, the on-demand home service market has shown resilience throughout the pandemic. The Saudi authorities adopted a lockdown strategy on March 8, 2020, to contain the disease, and during the second wave observed on February 21, 2021, gatherings were restricted, and people avoided crowded areas, leading to a boost in the home services industry. Even during the Omicron-driven COVID-19 wave that hit KSA on December 1, 2021, the on-demand home service business remained unaffected. As of August 26, 2022, residents of KSA have adapted to the new normal, and the on-demand home service market continues to thrive.

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2. Revolutionizing the Residential Property Market: How ‘Sakani’ Initiative by Saudi Ministry of Housing is Set to Boost the On-Demand Home Service Market.

With a current population of 32 million and a growth rate of over 2% annually, Saudi Arabia is facing a housing shortage that is exacerbated by the demand from expatriates, who make up about 5.5 million of the country’s workforce. To address this issue, the government is encouraging developers to construct affordable housing projects, and banks are being provided with mortgage options to make it easier for Saudi youth and expatriates to afford real estate, particularly apartments. In line with this, the Saudi Ministry of Housing has unveiled plans to build approximately 19,500 homes for its citizens under the ‘Sakani’ housing development program. These initiatives are expected to increase home ownership rates, leading to a potential boost in the Saudi residential property market, which could have a positive impact on the on-demand home services industry.

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