‏“‏Knight Frank”: Saudi Real estate projects have exceeded $ 1.1 ‎trillion since launch of Vision 2030 ‎

A report by Knight Frank revealed that the total value of real estate projects in Saudi Arabia since the launch of Saudi Vision 2030 in 2016 exceeded $1.1 trillion, adding that the massive transformation that occurred in 2022, with which the Kingdom recorded the highest growth rate in the global economy.

According to Knight Frank, with the plan to build 555,000 housing units, more than 275,000 hotel rooms, 4.3 million square meters of retail space and more than 6.1 million square meters of office space by 2030, and if implemented, Saudi Arabia will be the largest location building known to the world. ‏

The real estate company indicated that the NEOM project is still the largest project announced so far, and it was recently announced that it will include 9 million people upon its completion, inhabiting about 300,000 homes.

The company added that Riyadh itself is about to witness exponential growth, with a population expected to approach 17 million by 2030, up from around 7.5 million now. To realize this ambition, the city itself has seen real estate projects worth $104 billion unveiled over the past six years. This excludes plans for the recently revealed King Salman International Airport, which is expected to be the largest airport in the world, and to be completed in 2050.

Knight Frank noted that the year 2022 was exceptional for Saudi Arabia, as it got rid of the Corona pandemic and Vision 2030 continued to flourish, as a large number of major projects were unveiled, including Sandala and Trogina, with the latter winning the rights to host a tournament. The first Asian Winter Games in the Middle East in 2029.