The total value of real estate and infrastructure projects in Saudi Arabia, since the announcement of the National Transformation Plan in 2016, exceeded $1.25 tn. Meanwhile, the value of assigned projects reached $250 bn, according to a report by the global real estate consulting firm, Knight Frank, Invest-Gate reports.

Faisal Durrani, Partner and Head of Research for the Middle East and North Africa at Knight Frank, says that real estate development projects in Saudi Arabia are accelerating as the deadline for Vision 2030 approaches. He added that the planned number of residential units has increased by 30% to 660,000 units in the past 12 months.

The planned size of office projects is also around 6 mn sqm. The expansion of office construction is driven by a severe shortage of luxury office spaces in cities such as Riyadh, where demand for offices has increased.

The western region of Saudi Arabia represents a fundamental part of Vision 2030, with an expected delivery of real estate projects worth $687 bn by the end of the current decade, according to the report.

Riyadh comes as the second most concentrated region in the kingdom in terms of projects. The capital accounts for 18% of the kingdom’s total ongoing real estate and development projects. According to Knight Frank, the plan includes constructing over 241,000 homes by 2023 and approximately 3.6 mn sqm of office space.