According to a worldwide property consultancy Knight Frank survey, NEOM is the most favored giga project among Saudi Arabian expatriates, with 29% of respondents saying they would like to buy a home there. The survey, part of Knight Frank’s inaugural Destination Saudi report, places Jeddah Central and King Salman Park as the second and third choices, with preferences standing at 15% and 8%, respectively.
241 expatriates participated in the extensive survey, which was designed to determine their level of interest in real estate investment in the Kingdom. Most of the respondents (76%) work in the private sector, and a sizable portion (56%) have lived in Saudi Arabia for more than ten years.
Expats have differing degrees of interest in NEOM’s focal areas
Expats have differing degrees of interest in NEOM’s focal areas: 42% are drawn to The Line, while 19% are drawn to Sindalah Island. Although there is a lot of interest, budgetary constraints may be difficult for developers and expatriates to meet.
According to the survey, 32% of foreign respondents want to spend less than SR750,000, and 87% of respondents have a budget under SAR3.5 million. In comparison, the projected cost of the giga project properties is predicted to be higher than $1 million. However 41% of those with budgets under $1 million still show curiosity, indicating that they are open to changing their financial strategies. Indeed, the probability of making a residential purchase in a preferred giga project remains high among expatriates, with 72% indicating they are likely to proceed with such investments.
The probability of making a residential purchase in a preferred giga project remains high among expatriates
Knight Frank’s analysis further reveals the substantial spending power within Riyadh’s expatriate community, estimated at SAR3.2 billion ($863 million), highlighting the potential capital ready to be invested in the giga projects.
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