RIYADH: Following the launch of Saudi Arabia\u2019s Vision 2030 in 2016, the Kingdom is on its way to becoming the world\u2019s biggest construction site with a total investment of SR4.13 trillion ($1.1 trillion) in infrastructure and real estate projects, according to global real estate consultancy Knight Frank.<\/p>\n
The real estate firm projected that Riyadh\u2019s population will reach 17 million by 2030, up from about 7.5 million today. The city has unveiled real estate projects worth $104 billion since the Kingdom\u2019s National Transformation Plan launch in 2016.<\/p>\n
\u201cVision 2030 has lit the embers of excitement across the Kingdom, and with NEOM positioned as a crown jewel in the transformative plans, people are eager to be part of history,\u201d Faisal Durrani, partner and head of Middle East research, Knight Frank told Arab News.<\/p>\n
Saudi Arabia will easily become the largest construction site in history, with planned construction projects in the Kingdom being over 555,000 residential units, over 275,000 hotel keys, over 4.3 million square meters of retail space, and over 6.1 million square meters of office space, Durrani said.<\/p>\n
The consultancy firm is currently monitoring 15 giga-projects in the Kingdom, many of them new standalone supercities, said Harmen de Jong, partner and head of real estate, Strategy& Consulting in the Kingdom.<\/p>\n
NEOM is expected to house 9 million residents across 300,000 new homes once completed, making it the largest giga-project announced to date, Jong added.<\/p>\n
Among 1,000 Saudi households surveyed, Diriyah Gate came third in popularity as a place to own a home, behind NEOM and The Red Sea Project.<\/p>\n
NEOM is radically redefining urban living in resource-poor regions, Durrani said. At the same time, sub-cities like the Octagon, Trojena and the Line will set new benchmarks for luxury living in the area.<\/p>\n
Around 30 percent of Saudi homeowners are prepared to spend more than $800,000 on a second home at NEOM. \u201cDevelopers have their work cut out to satisfy this pent-up demand,\u201d Durrani added.<\/p>\n
De Jong said that the construction progress of part of the projects stands at 29 percent, with only $7.5 billion of subprojects being commissioned.<\/p>\n","protected":false},"excerpt":{"rendered":"
RIYADH: Following the launch of Saudi Arabia\u2019s Vision 2030 in 2016, the Kingdom is on its way to becoming the world\u2019s biggest construction site with a total investment of SR4.13 trillion ($1.1 trillion) in infrastructure and real estate projects, according to global real estate consultancy Knight Frank. The real estate firm projected that Riyadh\u2019s population […]<\/p>\n","protected":false},"author":2,"featured_media":281832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":{"0":"post-281821","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n