Night Frank revealed that the planned volume of residential units in Saudi Arabia rose to 660,000 units, an increase of 30% in the past 12 months. <Office projects are holding steady at 6 million square meters. In the commercial market, plans are underway to create 5.3 million square meters of retail space and 320,000 additional hotel rooms, contributing to Saudi Arabia's goal of increasing the population to 40 million and accommodating 150 million visitors by 2030. This is up from around 106 million visitors last year, of which 27 million were international visitors, an increase of 62% from the previous year.»
Night said.
The residential sector primarily dominates the value of construction output in the Kingdom, accounting for 31% (US$43.5 billion) of total output value in 2023 and is expected to reach US$56.9 billion by 2028, according to Knight Frank's analysis. The energy and utilities sector is a close second, worth US$35.1 billion, and is expected to rise to US$46.5 billion by 2028.
According to the Knight Frank analysis. <According to Knight Frank's analysis, there are currently 25 Giga projects in various stages of construction across the Kingdom. Western Saudi Arabia remains a hub of development, with plans worth US$692 billion, accounting for 55% of the total US$1.25 trillion development plan. The region is expected to see widespread growth in the supply of luxury residential units, hotel accommodation, retail and office space.
