Saudi Arabia’s booming and modern capital city
Discover Riyadh's Real Estate
Riyadh is the capital of Saudi Arabia and one of the fastest growing cities in the world, booming from a small city of just 150,000 in the 1960’s to over 7.6 million today. More than a government town, Riyadh attracts workers from all over the world due to its high-quality housing, good amenities, and thriving financial sector. Thanks to recent government initiatives, it is also transforming into a more progressive city that is increasingly reflecting a more youthful and open Saudi Arabia.
Culture, History, and Business
The history of Riyadh is extremely long and predates the rise of Islam. Originally, the city was known as Hajr, which was the capital of Al-Yammamah, a province that ruled much of central Arabia. In 866, the capital was moved and the city fell into a long decline. It wasn’t until the 17th century that the city was first referred to as Riyadh. Afterwards, the city became part of the first Saudi state in 1774, until that state was destroyed by the Egyptians in the 19th century. The area then came under the control of the Ottomans. In 1932, Saudi Arabia became its own nation, with Riyadh as its capital.
During the latter half of the 20th century, Riyadh underwent a rapid modernization process based on American town planning and financed by the country’s vast oil resources. Today, the Riyadh economy is highly dependent on both the government—due to its status as national capital—and the oil economy. However, government initiatives are seeking to diversify the economy, which is helping transform Riyadh into a service-oriented hub, especially in the financial sector.
Real Estate Appeal
Riyadh’s population growth has been absolutely staggering. It has averaged at least 10 percent growth almost every year for the past few decades, making it one of the most consistently fastest-growing cities on the planet. While new housing is being constructed constantly, there is still a severe shortage, which helps push up the value of real estate in the city. Rental yields in Riyadh are also very high and, thanks to the government economy, have been more resistant to declines than other Saudi Arabian cities.
As part of its efforts to diversify the economy, the Saudi Arabian government is introducing a number of initiatives designed to attract more foreign investment. This includes increasing the participation of women in the workforce and dramatically increasing the rate of home ownership. As a result, the current moment presents an exciting opportunity for foreign investors to gain a foothold in one of the world’s richest and most dynamic economies.
Explore Riyadh's Real Estate
Local Real Estate Experts
Attractive Investments In Riyadh
📍Over 15,066 investors explored Riyadh