Riyadh's population is expected to rise from 7 million to 9.6 million by 2030, reflecting the new dynamics of the city and its role as a major economic and population center. <According to Knight Frank's report, according to the 2022 Census, Riyadh's population will grow significantly to 9.6 million by 2030, an increase of 38% compared to 2022 levels. This growth is mainly due to an increase in the number of residents to 5.5 million, along with 4.1 million Saudis. This growth reflects a compounding rate of 4.1% per annum.
This growth reflects a compounding rate of 4.1% per annum.
Rising demand for residential units
<Knight Frank explains that this significant population growth will result in a growing demand for residential units, with Saudis expected to require an additional 305,000 units between 2024 and 2034. Dr. Christopher Payne, Partner and Chief Economist in the MENA region, notes that this population expansion is the primary driver behind the Kingdom's mega investment projects, particularly in Riyadh.Dr. Christopher Payne, Partner and Chief Economist in the MENA region.
Real Estate Inventory Boost
<So far, according to Knight Frank's analysis, projects have been announced by government entities that will add around 330,000 housing units to Riyadh's stock by 2030. These projects include initiatives from National Housing Company, Roshan, the New Square project, and Diriyah Gate. More projects are expected to be announced to keep pace with Riyadh's significant population growth in the coming years.Rising population
With a growing population, the number of Saudis working in Riyadh is expected to increase by between 16% and 23% by 2030, and by up to 39% by 2034. The projected increase in office, retail and hospitality stock, amounting to around 30% per sector, will create new job opportunities and keep pace with the needs of the city's growing population.
Major developments
Ian Sinclair, Partner, Project and Development Services Saudi Arabia, emphasized that major development projects will meet the growing demand for housing, services and employment opportunities for Saudis and residents. He noted that a project management team made up of experienced experts in the Kingdom is working to ensure that these projects are executed efficiently to support the ambitious economic transformation. <Many initiatives are focused on enhancing Riyadh's role as a center for financial and business services, as well as its role in the field of information and communication technology. This includes major infrastructure projects aimed at fostering a strong economic environment that contributes to job creation and supports the growth of sectors such as industry and tourism. <Amid these economic and demographic shifts, Riyadh is moving steadily towards a bright future, with announced mega projects and expected population expansion showing how the capital will play a pivotal role in realizing the Kingdom's Vision 2030 and spurring sustainable economic growth.
With these economic and demographic shifts, Riyadh is well on its way to a bright future.
