Real estate experts predict that the implementation of multibillion-dollar projects aligned with Saudi Arabia’s Vision 2030 strategy will fuel an unprecedented boom in the country’s real estate sector, Invest-Gate reports.

The anticipated growth is set to be driven by foreign investors who are interested in being part of the Kingdom’s significant socioeconomic transformation.

As part of its efforts to diversify its economy and reduce its dependence on oil and gas revenues, Saudi Arabia is supporting all sectors of its economy, particularly tourism, entertainment, art, and culture, with an emphasis on enhancing residents’ and citizens’ quality of life.

According to Knight Frank, more than 555,000 residential units, over 275,000 hotel keys, 4.3 mn sqm of retail space, and 6.1 mn sqm of new office spaces are expected to be developed by 2030.

Despite the fact that many standalone metropoles, such as NEOM, the largest giga-project ever announced, are currently in various stages of development across the Kingdom, only $7.5 bn of sub-projects have been commissioned, with construction progress standing at 29%.

Knight Frank says that the pace of house price growth being experienced around the Kingdom is evident by the fact that transaction volumes are still increasing and are 6% higher than last year.