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RIYADH: NEOM, Saudi Arabia’s $500 billion project, tops the wishlist of homebuyers in the nation, according to a new survey.
The Knight Frank’s annual 2022 Saudi Residential survey, carried out in partnership with YouGov, found out that NEOM is the most preferred location to buy a home by the Kingdom’s homeowners, first-time buyers, and high net worth individuals.
According to the survey, The Red Sea Development Co., or TRSDC, project came next to NEOM in terms of buyers’ desirability.
The research team made this conclusion after surveying 1,003 households, and 55 HNWI in Riyadh, Jeddah, and Dammam.
It said that 41 percent of the participants find NEOM the most attractive Giga project in the Kingdom to buy a home. 44 percent in Dammam found it the most appealing Giga project, while 36 percent of the first-time home buyers believe NEOM is the best location for their first home.
“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 – Head of Middle East Research, Knight Frank.
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