MAKKAH — The latest mega project in Makkah ‘Rou’a Al Haram Al Makki, announced late last year by the Public Investment Fund, will play a significant role in boosting Makkah’s economic growth and in turn, enhancing the overall sentiment in the Makkah real estate market, according to JLL’s H1 2018 Makkah marketplace report launched Wednesday.

The government is now implementing different projects within the Saudi Vision 2030. The new project in Makkah is expected to contribute SR8 billion ($2.1 billion) to the national economy. Construction is expected to commence later this year, paving the way to increase the city’s ability to host 30 million pilgrims annually in line with the government policy of lifting the quota on Haj pilgrims, introduced in H1 2017. With the influx of pilgrims, there will be an expected increase in investment opportunities across all sectors of the real estate market.

“With the latest mega project being announced late last year, the Makkah market is likely to witness increased investment across all real estate sectors over the rest of 2018 and beyond,” said Craig Plumb, Head of Research, MENA at JLL.