Riyadh’s Population Set to Soar to 9.6 Million by 2030
Saudi Arabia’s bustling capital city, Riyadh, is on the brink of a major population boom. The current 7 million residents are projected to skyrocket to 9.6 million by 2030, according to a report by London-based real estate consultancy Knight Frank.
Expatriate Influx Driving Demand for Housing
The report predicts that the city’s population will consist of 4.1 million Saudis and 5.5 million expatriates by the end of the decade, a 38 percent increase fueled by a compound annual growth rate of 4.1 percent. This surge will necessitate an additional 305,000 housing units for Saudi nationals between 2024 and 2034, driven by various factors including household formation and increased homeownership.
Riyadh’s Future Growth Outpaces Previous Projections
The forecast surpasses earlier estimates by World Population Review, which had pegged Riyadh’s 2030 population at 8.5 million. The report also anticipates a significant rise in the expat population in Riyadh, with expatriates currently making up approximately 52.3 percent of the city’s total population.
Expanding Workforce and Economic Developments
Underpinning Riyadh’s growth is Saudi Arabia’s Vision 2030, aimed at diversifying the economy and attracting global investments. The city is becoming a hub for economic activity, with significant infrastructure and urban development projects driving both expatriate and Saudi population growth.
Riyadh’s Workforce Poised for Significant Expansion
Knight Frank predicts a 39 percent increase in Riyadh’s working-age Saudi nationals by 2034, with approximately 1 million new workers entering the job market over the next decade. The growth in the workforce is expected to be driven by both internal migration and job creation initiatives.
Meeting Future Housing Demand
Riyadh’s new housing supply is set to come from multiple sources, including government initiatives, private sector projects, and self-development efforts by families. With a projected demand for housing aligning with current construction efforts, the city is gearing up to accommodate its rapidly expanding population.