The Saudi Arabian real estate market is a booming one. In line with Vision 2030, Saudi Arabia’s government is currently expanding on and investing in the real estate market. The kingdom is also diversifying its income and relying on various non-oil sectors.
Across the country’s cities, skyscrapers and mixed-use developments are on the rise. International brands, five-star hotels, and tantalizing restaurants are drawing in a crowd of investors.
Furthermore, the Saudi Arabian real estate market targets different income households. This gives investors a myriad of opportunities to take advantage of. Not to mention the boom in tourism that continues to attract tourists from across the globe.
Despite the falling oil prices, the Saudi Arabian real estate market has managed to survive and thrive. Here are 6 major developments that represent a ripe opportunity for investors.
1. King Abdullah Economic City, Rabigh
King Abdullah Economic City (KAEC) lies just 100 kilometers north of Jeddah along the Red Sea. With an area of 173 square kilometers, the SR207 billion city is being developed by Emaar.
KAEC will create about one million jobs and will accommodate two million people once completed by 2020. It features a port and logistics, financial centers, light industry, and other services. As well as residential units, hospitality outlets, and offices.
2. Jeddah Tower and Jeddah Economic City
Jeddah Tower will be the world’s tallest building once completed in 2018. The $1.2 billion tower will feature a 200-room Four Seasons hotel and 121 Four Seasons serviced apartments. As well as 61 residential floors, 318 apartments, and the world’s highest observatory space.
Jeddah Economic Company is developing the structure and the surrounding 5.3 million square meter Jeddah Economic City. The city will include residential and commercial units, offices, entertainment and tourist facilities, and water sports activities.
Both the tower and city are estimated at $21 billion and will accommodate around 200,000 residents.
3. Riyadh Walk
Located in the Al Nakheel area in northern Riyadh is the $320 million Riyadh Walk development. It covers an area of 137,000 square meters and features a 650-meter facade. The project will include a mall, boutique hotel, leisure activities, offices, and cultural areas.
Riyadh Walk will also boast a lifestyle center similar to ‘Dubai City Walk’ in Dubai and ‘Westfield Century City’ in California. It will allow residents and visitors to enjoy an open-air mall experience surrounded by retail and food and beverage outlets.
The project is being developed jointly by Raj Real Estate Company and Baseel Properties.
4. Sudair City Development
Sudair City, a mixed-use development, will feature residential, commercial, entertainment and educational facilities. Located north of Riyadh, it has an area of approximately 258 square kilometers.
The $40 billion project will equally merge a thriving industry scene with a tranquil living environment. With state-of-the-art infrastructure and facilities, it represents the adaptive nature of the Saudi Arabian Real Estate Market.
5. Jeddah Gate
Jeddah Gate, an Emaar development, is 413,000 square meters of residential, commercial, and entertainment venues. The project is ideally located in the heart of Jeddah. While Abraj Al-Hilal 1 and Emaar Square are currently on sale, Abraj Al-Hilal 2 and Emaar Residences are still under construction.
It includes 4,000 residential units, 230,000 square meters of office space, and 68,000 square meters of commercial space. Pedestrian walkways, landscaped areas, plazas and cascading water features overpower the development.
6. Al-Khobar Lakes
Another Emaar development is the luxury lakefront development Al-Khobar Lakes. The first gated community in the Eastern Region features more than 2,000 villas spread across 9 villages. It also includes 6 lakes that provide the community with serene surroundings.
Al-Khobar Lakes is home to a large retail center, two community centers, coffee shops, restaurants, and healthcare facilities. More than 104,000 square meters are reserved for landscaped greenery and parks. The development also includes smart units that feature the latest technology.