Saudi private buyers to spend $1.22b on housing 

Private buyers in Saudi Arabia are expected to invest $1.22 billion in the country’s residential market this year, according to a report by Knight Frank. While NEOM remains the most sought-after location, demand has declined.

NEOM, a key project under Vision 2030, has seen its popularity fall from 84 per cent in 2023 to 17 per cent this year, as buyers explore other giga-projects and face limited move-in-ready options.

Saudi nationals and expats plan to allocate $489 million for real estate purchases and $733 million for developments within giga-projects, highlighting strong private capital interest.

Attribution: Reuters

Subediting: M. S. Salama