Market Highlights
Riyadh, the capital of Saudi Arabia, is witnessing rapid development to become a contender amongst the world’s major cities in all sectors namely entertainment, leisure, hospitality, retail, theme parks, residential, and infrastructure, demonstrating that the Kingdom’s capital is on a growth trajectory.
Residential
The building costs for respective asset types including building construction works, and fixed fit-out works.
| Building Construction | Low SAR/m2 | High SAR/m2 |
|---|---|---|
| Villa Standard | 3,400 | 4,200 |
| Villa Mid-market | 3,500 | 5,400 |
| Villa Upper Mid-market | 4,500 | 7,600 |
| Apartment Standard | 4,500 | 5,500 |
| Apartment Mid-market | 5,500 | 6,500 |
| Apartment Premium | 6,500 | 8,500 |
Hospitality
The building costs for respective asset types including building construction works, fixed fit-out works, kitchen and laundry equipment.
| Building Construction | Low SAR/m2 | High SAR/m2 |
|---|---|---|
| 3 Star Hotel | 6,500 | 9,500 |
| 4 Star Hotel | 8,500 | 11,500 |
| 5 Star Hotel | 11,500 | 15,800 |
Retail
The building costs for respective asset types including building shell & core construction works, front-of-house and back-of-house fit-out excluding the retail tenant area.
| Building Construction | Low SAR/m2 | High SAR/m2 |
|---|---|---|
| District Mall | 4,500 | 6,000 |
| Regional Mall | 5,500 | 7,000 |
Car Park
The building costs for respective asset types including building shell & core construction works, front-of-house and back-of-house fit-out excluding the retail tenant area.
| Building Construction | Low SAR/m2 | High SAR/m2 |
|---|---|---|
| Basement / Underground | 2,900 | 3,850 |
| On Grade | 500 | 1,200 |
| Above Ground | 1,800 | 3,200 |
Offices
The fit-out works costs for respective asset types including architectural & MEP fit-out works, specialist AV/IT/Security installations, and fixed FF&E.
| Fit-out Construction | Low SAR/m2 | High SAR/m2 |
|---|---|---|
| Office Standard | 3,000 | 4,000 |
| Office Mid-market | 4,000 | 6,800 |
| Office High-end | 6,800 | 9,000 |
Cinema
The fit-out works costs for respective asset types including warm shell, architectural & MEP fit-out works, specialist AV/IT installations, projectors, screens, seats, carpet, and lighting.
| Fit-out Construction | Low SAR/m2 | High SAR/m2 |
|---|---|---|
| Cinema Standard | 7,500 | 8,500 |
| Cinema Boutique | 8,500 | 9,500 |
| Cinema VIP | 9,500 | 11,000 |
Food & Beverage
The fit-out works costs for respective asset types including architectural, FF&E & MEP fit-out works, and shop-front. Rate excludes variable cost items like lighting, kitchen equipment, AV/IT/security, and artwork.
| Fit-out Construction | Low SAR/m2 | High SAR/m2 |
|---|---|---|
| Restaurant Standard | 4,000 | 5,500 |
| Restaurant Mid-market | 5,500 | 10,000 |
| Restaurant High-end | 10,000 | 17,500 |
About Compass
rawing on our extensive delivery experience, knowledge and sophisticated project development industry-wide tools, we facilitate the most proficient path towards project success, overcoming constraints and obstacles to deliver projects effectively and efficiently for our Clients.
Specialising in start-to-finish project development solutions, our collective attention to detail, and our passion for getting everything right, helps define and solidify your goals, whilst establishing and managing realistic schedules and budgets.
We lead construction projects from concept right through to completion with services including:
Benchmarking Notes
The m2 area is based on GIA measurement as defined by the RICS code of measuring practise 6th edition.
SAR/m2 rates are current as of Q1 2023.
Rates include contractor’s overhead & profit, and general requirements.
Rates assume a traditional build only procurement route, considering Tier 1 main contractor.
The rates in this document are indicative and subject to each project’s requirements and specifications.
Rates exclude: Contingency, inflation beyond Q1 2023, professional fees, statutory fees, legal fees, sales & marketing fees, pre-opening costs, land costs, finance costs, client direct costs, loose FF&E (except for F&B fitout), OS&E and VAT.
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