{"id":60513,"date":"2023-11-05T12:41:08","date_gmt":"2023-11-05T09:41:08","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=60513"},"modified":"2023-11-05T12:41:08","modified_gmt":"2023-11-05T09:41:08","slug":"%d8%a7%d9%84%d9%85%d8%b4%d8%a7%d8%b1%d9%8a%d8%b9-%d8%a7%d9%84%d8%b9%d9%82%d8%a7%d8%b1%d9%8a%d8%a9-2","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/60513\/","title":{"rendered":"$1.25 trillion worth of real estate projects since the launch of the vision in 2016"},"content":{"rendered":"

\u00a0<\/strong>As Vision 2030 moves closer to realizing its goals, the Building and Construction Sector<\/a><\/strong><\/span> The value of total real estate and infrastructure projects launched and under delivery in Saudi Arabia has surpassed $1.25 trillion since the launch of the Kingdom's National Transformation Plan in 2016, while the value of commissioned projects has reached $250 billion, according to real estate consultancy Knight Frank's annual megaprojects in Saudi Arabia report.<\/p>\n

More than half a million housing units<\/span><\/h4>\n

According to the report, the number of planned residential units is expected to rise to 660,000, an increase of 30% over the past 12 months, contributing to the decline in residential sales nationwide, while planned office projects amounted to 6 million square meters.<\/p>\n

65.58 billion dollars sector size<\/span><\/h4>\n

A report by global research firm Mordor Intelligence predicts that by 2028, the Kingdom's construction market size will reach $75.12 billion, while in 2023, the market size is estimated at $65.58 billion and will witness rapid growth in the next few years.<\/p>\n

This growth is mainly due to increased spending on infrastructure in the Kingdom, including large-scale projects related to roads, bridges, airports, ports, railways, residential and commercial projects. The report also predicts that the country's growing population will boost demand for construction projects and increase investment opportunities in this sector, which will also help boost the economy and provide new job opportunities for citizens.<\/p>\n

825 billion dollars<\/strong> Market share<\/strong><\/span><\/h4>\n

Saudi Arabia has the largest Construction market<\/a><\/strong><\/span> In the GCC, with an estimated 33% of the total GCC market share, valued at USD 825 billion, Saudi Arabia is currently the top performing market as the Middle East's construction sector recovers. Especially with Vision 2030 investing in housing and infrastructure development across the Kingdom, which will increase construction activity.<\/p>\n

Construction boom revives industry<\/span><\/h4>\n

On a related note, consulting firm McKinsey predicted that Saudi Arabia will spend more than $175 billion annually on industrial and mega-projects between 2025 and 2028 as the kingdom's construction boom reaches its peak.<\/p>\n

With nearly $1.3 trillion worth of major projects underway, such as the new high-tech city of Neom and Red Sea resorts off the kingdom's west coast, spending is expected to peak at $180 billion annually in 2026 and 2027, the consultancy said in a report.<\/p>\n

Analysts stated: \u201cThe resources needed to realize Saudi Arabia's new construction ambitions over the next decade are enormous. The projected annual contract value is three times the historical average, rising from $50 billion to $150 billion.<\/p>\n

==<\/p>\n

Infographic<\/h4>\n

Building and Construction Sector<\/strong> Growth that achieves visionary goals<\/strong><\/span><\/h4>\n

$1.25 trillion worth of real estate projects since the launch of the vision in 2016<\/p>\n

= = = =<\/p>\n

250 billion dollars worth of costly real estate projects.<\/p>\n

65.58 billion dollars the size of the sector in 2023.<\/p>\n

75.12 billion dollars the size of the sector in 2028.<\/p>\n

660,000 housing units expected.<\/p>\n

6 million square meters for commercial spaces.<\/p>\n

= =<\/p>\n

175 billion dollars in annual spending on industrial and mega-projects.<\/p>\n

1.3 trillion dollars worth of megaprojects.<\/p>\n

150 billion dollars in projected annual contract value.<\/p>\n

175 thousand companies working in the construction sector.<\/p>\n

4 million workers in the sector.<\/p>\n

 <\/p>","protected":false},"excerpt":{"rendered":"

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