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The Riyadh Metro is Reshaping the Local Real Estate Market
The Riyadh Metro is poised to reshape the real estate market in Riyadh, as it presents strong investment opportunities by contributing to the revitalization of prices in the vicinity of its stations, according to real estate experts who spoke to Al-Eqtisadiya.
Real estate experts added that the services provided by the stations will significantly contribute to determining prices and increasing the attractiveness of real estate to investors.
The Riyadh Metro is a key part of the capital's urban transportation development plan, covering six main lines that connect various neighborhoods of the city over a distance of 176 kilometers, with 85 stations, including 8 main stations connecting the six lines.
Saqr Al-Zahrani, a real estate expert, believes that the Riyadh Metro is not just a public transportation project, but a force that is driving the real estate market to reshape itself in the capital. As is well-known in global cities, the metro is one of the factors that shape the map of real estate demand and raise its value between regions.
According to Al-Zahrani, the market will witness a significant increase in property prices near the stations, with the possibility of stabilization or decline in central areas due to the movement of residents to the outskirts. This shift represents a unique investment opportunity for developers and investors.
He explained that good infrastructure and the availability of services around the stations will play a role in determining the level of price increases, and that urban planning and good connectivity between stations and different areas will enhance the attractiveness of real estate.
The project aims to reduce the number of cars on the roads by two million trips per day, which will contribute to reducing traffic congestion in one of the most congested cities in Saudi Arabia. The project is also expected to reduce carbon emissions by 400,000 tons annually, reflecting Saudi Arabia's commitment to environmental sustainability.
Ayed Al-Harfi, Chairman of the Board of Directors of Emaar Al-Mutaqaddama Company, expects the real estate sector in Riyadh to witness growth in demand for both ownership and rentals, especially in areas located near metro stations to facilitate access and save time or even for short-term and long-term investment.
Al-Harfi considered the metro project to be a vital addition and a qualitative leap in infrastructure and services provided to residents, as it has a significant impact on improving the quality of life and reducing traffic congestion, which will have a positive impact.
For his part, real estate expert Mutar Al-Shamri confirmed that the Riyadh Metro will contribute to stimulating economic and commercial activity as well as real estate, in addition to the tourism sector.
He added that this event, which is awaited by the capital's residents, citizens, and expatriates, will contribute to reducing traffic congestion and speeding up transportation between Riyadh neighborhoods.
It is worth noting that the metro's capacity is 1.16 million passengers per day, and it is expected that trains that reach speeds of 80 kilometers per hour will contribute to reducing reliance on private cars, as the project is one of the largest investments in transportation infrastructure globally.
