RIYADH: According to a research, Saudi Arabia’s construction production value is projected to increase by 29.05 percent from 2024 to $191 billion in 2029. Global consulting company Knight Frank identified the main causes of this surge in its most recent report as the expansion of residential buildings, the continuing giga-projects, and the growing need for office space, especially in Riyadh.
As part of its Vision 2030 economic diversification program, the Kingdom plans to provide more than 1 million dwellings, more than 362,000 hotel keys, more than 7.4 million square meters of retail coverage, and more than 7.7 million square meters of additional office space by the end of this decade. The Real Estate General Authority of Saudi Arabia projects that the property market would increase at a compound annual growth rate of 8% from 2024 to $101.62 billion by 2029.
Knight Frank’s forecast comes after the Kingdom’s oil and gas, industrial, water, and chemical industries, as well as the building, transportation, and power sectors, had their production value increase by 4.6 percent year over year to $148 billion in 2024. The expected increase in the value of the Kingdom’s building production also fits with the general pattern of the GCC, as nations are working to diversify their economies.
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