Real estate experts said that Riyadh’s goal to increase its population by about 15 million people in 2030 will contribute to its transformation into a city with an independent and sustainable economy.
They added that the Riyadh Season, as well as major projects and government plans will accelerate the realization of the Saudi capital’s objectives by 2030.
According to the official announcement of the Royal Commission for the City of Riyadh, the region aims to reach 15 million people by 2030 thanks to attractive factors and capabilities that further strengthen the Kingdom's efforts to diversify its economic resources.
In remarks to Asharq Al-Awsat, writer and real estate expert Sami Abdulaziz said the latest statistics indicate that the capital is currently home to about 7.5 million people, adding that the average occupancy of residential units reaches seven individuals, thus the number of units required by 2030 is around 350,000.
The Ministry of Housing alone will provide about 300,000 housing units until the target date, he remarked, noting that developers, contracting companies, and investors in the sector will secure the remaining amount, which will contribute to increasing the availability real estate units, therefore leading to price stability.
Abdulaziz pointed to the importance of studying the rest of the market factors, including the number of units required during the next five years, their locations, the construction costs, the public facilities and services needed, the size of the private sector’s participation and others.
He also expected the Riyadh Season and the city’s major projects to become a major contributor to achieving the capital’s goal of reaching 15 million residents in 2030.
Real estate expert Eng. Ahmed Al-Faqih highlighted Riyadh’s status as one of the most developed cities in the Middle East, in addition to the great progress the city is witnessing simultaneously with Vision 2030.
Achieving the target of 15 million residents would transform Riyadh into a city with an independent economy, he added.
