SAUDI ARABIA’S CONSTRUCTION LANDSCAPE - H1 2024
Saudi Arabia construction output value (by sector) Total value of contract awards (by province) Residential construction costs
Residential Institutional Infrastructure Industrial Energy and Utilities Commercial Construction Industrial Transport
Tier Low SAR/m2 High SAR/m2
200,000 Riyadh Province
Standard 3,800 4,400
Villa
180,000 Mecca Province
160,000 Tabuk Province Mid-market 4,200 5,700
140,000 Eastern Province
High-end 5,500 8,000
US$ millions
120,000 Al-Madinah Province
100,000 Jizan Province Standard 4,700 5,800
80,000
Asir Province
60,000 Mid-market 5,800 6,800
Apartment
Al Qassim Province
40,000
Najran Province
20,000
High-end 6,800 8,900
Other
0
2020 2021 2022 2023 2024 2025 2026 2027 2028
0 10,000 20,000 30,000 40,000 50,000 60,000 High-rise 6,800 10,000
US$ millions
Giga projects in focus
Western Saudi Arabia Riyadh Province Other Provinces
Hotel keys Total value Hotel keys Total value Hotel keys Total value
265,000+ keys US$ 692bn 20,000+ keys US$ 229bn 2,700+ keys US$ 14.3bn
US$ 229bn US$ 14.3bn
US$ 692bn real estate real estate
Retail space real estate Residential units Retail space
development
Residential units Retail space
development
Residential units
2.4 million+ sqm 400,000+ units 2.8 million+ sqm 241,000+ units 140,000+ sqm 20,300+ units
development plan plan
plan
Office space Total value of Office space Total value of Office space Expected completion
commissioned projects commissioned projects
2.4 million+ sqm US$ 146bn 3.6 million+ sqm US$ 75bn 698.2+ million sqm 2025-2035
US$ 144.6bn US$ 90bn US$ 141.5bn US$ 181.5bn US$ 7.8bn US$ 692bn
Value of total national contracts awarded The value of construction sector contract Saudi Arabia’s total construction output Saudi Arabia’s expected construction Total value allocated for Riyadh Expo 2030 Total real estate development value for
for the construction, industrial and awards accounts for 61% of the total value value in 2023 output value by the end of 2028 development plan the Western Region accounts for 55% of
transport sectors the total US$1.25 trillion development plan
Source: Knight Frank, MEEDProjects
MOHAMAD NABIL MOATAZ MOSALLAM HARMEN DE JONG STEPHEN FLANAGAN, MRICS WILL MCKINTOSH Important Notice
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ANDREW LOVE TALAL RAQABAN, MRICS FAISAL DURRANI AMAR HUSSAIN VERA ZABELINA
Regional Partner - Head of Capital Markets & Partner - Head of Valuation, PPP & Deal Advisory, KSA Partner - Head of Research, MENA Associate Partner - Research, ME Research Analyst - Research, KSA Knight Frank, Building 7, Laysen Valley, Riyadh, Kingdom of Saudi Arabia
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