Saudi Arabia’s Vision 2030 is a transformative blueprint aimed at diversifying the economy, empowering citizens, and positioning the country as a global leader. Within this vision, the real estate sector plays a pivotal role in meeting the housing needs of the nation and creating investment opportunities1.
Here are some key points about Saudi Arabia’s real estate developments:
- Massive Residential Units: By 2030, Saudi Arabia plans to introduce over 500,000 new housing units. These units will cater to the growing demand for quality housing, making homeownership feasible for a new generation of Saudis. Historically, property prices in major cities like Riyadh and Jeddah have risen, making home ownership challenging. However, the nation’s transformation, including giga-projects like NEOM, is expected to create demand for housing12.
- Giga-Projects and Sub-Cities:
- NEOM: This futuristic city aims to embrace sustainability and innovation. It’s set to house nine million residents across an estimated 300,000 new homes. NEOM alone will cost an estimated US$ 500 billion and is positioned as a vision for future cities.
- Other Sub-Cities: Projects like The Octagon, Sindalah, Trojena, and The Line contribute to the development of over 140,000 residential units throughout the Kingdom.
- Diriyah Gate: This historic district in Riyadh will add 20,000 homes to the city’s residential stock by 2027. It’s named as one of the most popular giga-projects for home ownership1.
- Riyadh’s Explosive Growth: Riyadh’s population is projected to reach nearly 17 million by 2030, up from around 7.5 million today. To meet this ambitious growth target, the city has unveiled real estate projects worth US$ 104 billion over the last six years. Additionally, plans for a new international airport worth US$ 147 billion are in the works1.
- Sustainability: Riyadh is also focusing on sustainability. The ALNAMA Smart City, covering 10 square kilometers, will be the capital’s first zero-carbon city, housing around 44,000 people when completed1.
In summary, Saudi Arabia’s real estate sector is undergoing significant changes, driven by Vision 2030. With a focus on accessibility, affordability, and sustainability, the Kingdom aims to bridge the gap between supply and demand for residential housing, making homeownership a reality for more citizens
