A recent survey shows that NEOM is the hottest new development for expat homebuyers in Saudi Arabia . Knight Frank asked over 200 expats about their interest in mega ‘giga projects’ like NEOM, and it was the clear favorite – 29% ranked it as their top choice.
Jeddah Central and King Salman Park took second and third place, at 15% and 8%. But NEOM is the clear winner when it comes to expat dreams of buying property in the Kingdom.
Here’s the thing, though – most expats don’t have the big budgets these fancy new developments are targeting. 87% said they can only spend under 3.5 million Saudi Riyals. But the talk is that homes in NEOM will go for over $1 million!
Still, even folks with smaller budgets are jazzed about NEOM – 41% with under $1 million said they still want to buy there. They’re willing to find a way to stretch their budgets.
On average, expats said they can put 2.7 million SAR towards a giga project home – way more than what they’d spend on normal property in Saudi. Expatriates in Riyadh have a combined 3.2 billion SAR ready to splurge.
And get this – expats are cool with paying almost 6% more just to live in a giga community! For developers, that’s a big deal.
The big takeaway? Expats are pumped about these huge new projects, especially NEOM. Even with budget challenges, they’re eager to buy in. Capturing their demand will be a make-or-break for ambitious developments like NEOM.
So developers have some decisions to make if they want to bring expat spending power on board. They may need to rethink pricing and payment options to maximize sales. But the interest is there if they can figure out the right approach!
