Saudi Arabia’s forthcoming new megacity NEOM on the Red Sea coast has been named as the most preferred location to buy a home by the kingdom’s homeowners, first-time buyers and high-net-worth-individuals (HNWI), according to Knight Frank’s annual 2022 Saudi Residential Survey.
According to reports in Construction Week Online and Arab News, Knight Frank’s annual survey, which separately spoke to 1,003 households and 55 HNWI in Riyadh, Jeddah and Dammam has found “that the appeal of NEOM amongst the kingdom’s planned gigaprojects is unanimous.”
“The gargantuan NEOM has clearly captured the imagination of Saudis all across the Kingdom, with the appetite to purchase here amongst tenants, homeowners, and HNWI running above 70 percent. Indeed most are even willing to pay a premium for the privilege of living, or owning a home here,” said Faisal Durrani, Partner and Head of Middle East Research, Knight Frank.
