Active building projects in the Kingdom accounted for 28.9% of total building projects across the GCC in July, with 1.8k active projects valued at USD 103.1 bn, according to data fromBNC Network. These only include projects that are in concept, design, tender or construction phases.

Low-rise buildings were the most common type of building project during the month with 969 projects valued at USD 58.5 bn, followed by 737 mid-rise projects valued at USD 30.3 bn and 94 high-rise buildings with a valuation of USD 14.3 bn.

Almost half of Saudi’s building projects — worth a combined USD 50 bn — are currently under construction, while USD 21.6 bn-worth of projects are currently on hold. There are currently projects with a combined value of USD 31.5 bn either in concept, design, or tender stages.

REMEMBER- Real estate has been the main driver for inflation in Saudi as rental prices climbed 10.5% y-o-y in May as growing demand for office space amid Saudi’s regional headquarters program driving up prices with supply coming up short.

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