Survey: NEOM top choice for expat homebuyers in Saudi

NEOM has been identified as the most preferred Giga project among expatriates living in Saudi Arabia, with 29 percent expressing a desire to purchase homes there, a survey done by global property consultancy Knight Frank said. 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 percent and 8 percent, respectively.

The comprehensive survey involved 241 expatriates, aiming to gauge their real estate investment interests within the Kingdom. A significant portion of the respondents (56 percent) have resided in Saudi Arabia for over a decade, and a majority (76 percent) are employed in the private sector. The interest among expatriates in NEOM’s specific areas is notably divided, with The Line attracting 42 percent, and Sindalah Island 19 percent, the survey said. Despite high interest, budget considerations could present a challenge for both expatriates and developers. The survey indicates that 87 percent of expatriate respondents have a budget under SR3.5 million, with 32 percent looking to spend below SR750,000. However, 41 percent of those with budgets under $1 million remain interested, suggesting a willingness to adjust their financial plans.

According to the survey, the probability of making a residential purchase in a preferred Giga project remains high among expatriates, with 72 percent indicating they are likely to proceed with such investments. The average budget for an expat purchasing a home in a Giga project stands at SR2.7 million, significantly higher than budgets allocated for properties elsewhere in the Kingdom.