Construction has begun at the Expo 2030 Riyadh site, Saudi authorities said, as the Kingdom updated the Bureau International des Expositions (BIE) on progress across the project during a meeting in Paris.

The Kingdom’s delegation, led by Adel Al Jubeir, Minister of State for Foreign Affairs and Commissioner General of Expo 20230 Riyadh, outlined developments in infrastructure, construction, design and master planning, alongside ongoing work on the Expo’s main theme and subthemes.

Officials said progress also extended to communication and marketing efforts, with a growing number of countries confirming their participation, reflecting increasing international confidence in the Kingdom’s ability to deliver the event.

The briefing, delivered to the Bureau International des Expositions executive committee, highlighted the Expo’s role as a global platform aimed at addressing major challenges through innovation and collaboration.

Saudi Arabia said work on the site is accelerating as preparations gather pace, with a focus on ensuring a lasting legacy beyond the event.

GN

Saudi Arabia’s housing market is beginning to diverge across cities, with Jeddah recording its strongest year in recent memory while Riyadh shows signs of strain and Dammam gains ground on pricing appeal.

According to Cavendish Maxwell’s 2025 KSA Residential Real Estate performance report, Jeddah saw 30,500 residential transactions in 2025, with total sales reaching SAR36.6 billion. The average deal size stood at SAR1.2 million, reflecting steady end-user demand even as market conditions shifted.

That contrasts with Riyadh, where activity slowed despite larger ticket sizes, suggesting a shift in how buyers approach the market.

Dammam draws buyers on pricing

Dammam is emerging as a preferred market for buyers seeking relative value.

Sales values climbed close to 30% to SAR10.7 billion, with transaction volumes also rising, supported by more accessible pricing and steady economic activity in the Eastern Province.

“KSA’s three major residential markets – Riyadh, Jeddah and Dammam – delivered contrasting performances in 2025. Jeddah showed resilience with its highest sales volumes for several years and is expected to maintain stable growth in the future. Dammam, where property is more affordable compared to other cities, was the standout performer and is poised for sustained growth supported by competitive pricing and robust economic activity in the region,” said Siraj Ahmed, Director, Head of Strategy and Consulting at Cavendish Maxwell.

Riyadh demand adjusts to higher costs

Riyadh remains the largest market by value, with SAR96.2 billion in residential sales across 56,600 transactions. Yet volumes fell 31% year-on-year, indicating pressure on buyer activity.

Higher property prices and financing costs have reduced purchasing power, even as average transaction values reached SAR1.7 million.

“In Riyadh, affordability constraints and elevated financing costs led to a decline in purchasing power and buyer activity. Although transactions were down year-on-year, population growth, urbanisation and housing initiatives should support long-term market demand,” Ahmed said.

Policy shifts begin to take effect

Recent policy changes are expected to influence pricing and supply over the coming quarters.

A five-year rent freeze introduced last year and adjustments to the White Land Tax are aimed at encouraging development and improving affordability, particularly in Riyadh.

“We expect a recalibration of the market as new supply, the 5-year rent freeze and White Land Tax reforms make property more competitively priced and lead to a recovery in market activity,” Ahmed said.

Supply builds, but delivery remains uneven

New supply continues to enter the market, though completion timelines remain fluid.

Riyadh added 13,000 units last year, taking total inventory to 1.93 million, with tens of thousands more planned through 2027. Jeddah’s pipeline is also expanding, while Dammam is set to add new stock over the same period, giving buyers more options and greater negotiating power.

“The expansion in supply is further supported by the recent rise in White Land Tax, which encourages landowners to develop empty plots of land and accelerate delivery timelines. The full impact of this reform will likely materialise through this year and beyond, with the gap between demand and supply gradually narrowing, in turn easing price pressure and enhancing affordability,” Ahmed said.

Foreign ownership widens the base

A new foreign ownership law introduced earlier this year is expected to draw a broader investor base into the market.

The framework allows non-Saudi buyers to acquire property in designated zones, marking a shift from earlier restrictions and opening the sector to additional capital.

Demand remains supported despite risks

Oil price swings and geopolitical developments remain key variables, though underlying demand drivers continue to hold.

“External factors including oil market volatility and geopolitical tensions of course warrant close monitoring, but Saudi’s residential market remains well positioned, supported by strong demographic drivers, ongoing infrastructure investment and a continued commitment to Vision 2030,” Ahmed said.

GN

Two people were killed and 12 others injured after a military projectile struck a residential building in Al Kharj governorate in central Saudi Arabia, authorities said.

A spokesperson for Saudi Civil Defence said the incident occurred on Sunday when the projectile hit a residential compound, causing casualties and material damage.

The two fatalities were residents of Indian and Bangladeshi nationalities, while the injured included 12 Bangladeshi residents.

Emergency teams responded immediately and implemented the approved procedures for dealing with such incidents, the spokesperson said.

Authorities stressed that attempts to target civilian facilities constitute a blatant violation of international humanitarian law.

Gulf News