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The project will be developed on a 90,000-square-meter land plot located in the Al-Rusifah district near the Haramain High-Speed Railway Station in Makkah The arrival of luxury branded experiences marks a significant milestone in the Kingdom’s retail evolution Riyadh has recorded the highest national increase in Grade A office lease rates over the last 12 months at 31 percent The second day saw the announcement of an impressive $3.36 billion worth of new projects and strategic agreements in the Kingdom Total number of real estate transactions across all asset classes surged by 38 percent to just over 106,700 in the first half of 2024 The residential sector began strong in H1 2024, delivering 27,500 units in Riyadh and Jeddah The sales surge is linked to the company’s launch of multiple housing projects across the Kingdom Over the last 12 months, residential real estate transaction volumes in Riyadh rose by 49 percent Apartment prices in Saudi Arabia increased by 2.9 percent while villa prices declined by 0.5 percent The contract has been awarded to a joint venture of two Saudi construction firms, Urbacon and Al Bawani Digital solutions include 3D maps, simulation models for urban planning and flood management, and monitoring and control centers Prime office rents in Riyadh rose 14.5 percent, while Grade A and B rents increased 11.8 percent and 10.3 percent Agreements to develop and raise the quality of residential projects across the Kingdom Report expects real estate to increase its contribution to the GDP from 6 percent to 10 percent by 2030 40 percent of Spain's investments in Saudi Arabia over the past 10 years has been in the real estate sector More than 600,000 trees and shrubs will be planted, covering 65 percent of the park area Facilitating logistical supply for real estate-related projects in Saudi Arabia Stable oil prices and strong economic indicators drive optimism Building greater buyer trust, educating developers key to scale up demand The new project includes 390 villas and townhouses Saudis working in the private sector reached 2.3 million in 2023 The initiative has four developmental goals Event aims to surpass previous edition’s deals harvest of SAR10 billion Ambitious giga-project set to redefine tourism and culture
