https://arab.news/45u66
RIYADH: Jeddah鈥檚 real estate pipeline is surging with 310,000 sq. meters of retail space rolled out this year, together with 1,000 new branded residential units and over 30,000 more hotel keys by 2030, according to JLL.
Speaking at its annual roundtable in Jeddah, the global real estate firm said the city鈥檚 expanding pipeline 鈥� spanning residential, hospitality, and mixed-use projects 鈥� underscores its growing role in 海角直播鈥檚 Vision 2030 agenda.
JLL said the development pipeline reflects broader national progress, particularly in Riyadh, which accounts for over $1.2 trillion in total project value, with contract awards projected to reach about $569 billion by the end of 2025, citing MEED Projects data.
Saud Al-Sulaimani, country lead and head of Capital Markets at JLL 海角直播, said: 鈥淛eddah is pivotal to 海角直播鈥檚 Vision 2030, offering significant investor opportunities.鈥�
He added that national priorities are pivoting, aligning projects with objectives and fostering private sector collaboration, alongside evolving PIF delivery structures.
鈥淭hese strategic shifts and evolving market fundamentals are crucial for long-term market stabilization and will drive a focus on premium assets,鈥� Al-Sulaimani said, adding that easing construction costs is fundamentally reshaping the market.
The firm noted that branded residences 鈥� once tied mainly to hospitality 鈥� are increasingly co-developed with lifestyle, automotive, and fashion brands. The segment鈥檚 supply is expected to rise from 400 units to 1,400.
Faris Maqdah, director of Strategic Consulting at JLL, said: 鈥淛eddah鈥檚 branded residential sector is experiencing notable development, with around 1,000 branded residential units planned for delivery by 2030.鈥�
He added: 鈥淢arket interest in these developments continues to evolve, with success dependent on developers delivering the right product-price combination that balances quality and service standards with affordability considerations.鈥�
Retail expansion is also on the rise, with 310,000 sq. meters of new gross leasable area expected in 2025 鈥� an increase of more than 10 percent from current stock.
These developments are increasingly integrated into mixed-use projects that cater to evolving consumer preferences.
鈥淭he retail landscape is also undergoing significant transformation, driven by consumer demand for convenience and integrated lifestyle offerings,鈥� Maqdah added.
鈥淭hese developments present compelling opportunities for developers and investors to meet Jeddah鈥檚 evolving demographic preferences and activate new micro-clusters that enhance the end-user experience,鈥� he added.
Hospitality growth remains strong, with a 6 percent compound annual growth rate from 2020 to 2025.
According to Sarah Gasim, senior vice president and head of hotels at JLL 海角直播, the upcoming FIFA World Cup 2034 鈥� where 海角直播 is the confirmed host 鈥� is expected to further accelerate development.
鈥淪trategic preparations are already underway, with lessons drawn from the Qatar World Cup鈥檚 impact on regional infrastructure and hospitality sectors,鈥� she noted.
JLL also highlighted the city鈥檚 resilient office market, where tight supply of Grade A space continues to support rental growth and drive a 鈥渇light to quality.鈥�