Saudi Residential Real Estate Market Expected to Attract $1.22 Billion in 2025
Saudi Arabia's private sector buyers are expected to spend $1.22 billion on residential real estate in 2025, with the NEOM megaproject emerging as the most attractive destination for home purchases, according to global real estate consultancy Knight Frank.
NEOM, a centerpiece of Saudi Vision 2030, is projected to house 9 million people and plays a crucial role in the Kingdom's economic diversification strategy, reducing reliance on oil.
A Knight Frank report released on Tuesday, surveyed 1,037 households, including 100 expatriate families living in Saudi Arabia. The study found that both Saudi citizens and residents plan to spend $489 million on local residential properties, while $733 million is expected to be allocated for investments in Vision 2030's megaprojects.
Knight Frank noted that individuals in Saudi Arabia are prepared to invest SAR 2.75 billion ($733 million) of their personal capital into residential real estate developments linked to Vision 2030.
Meanwhile, the Saudi government is making significant strides toward achieving its Vision 2030 housing targets, with homeownership rates reaching 63.7% in 2024. The Kingdom aims to raise this figure to 70% by 2030.
According to a report by the Saudi Ministry of Municipal and Rural Affairs and Housing, more than 205,000 off-plan housing units were approved and launched in 2024, while over 60,000 housing units were delivered. Additionally, 165,000 residential land plots were made available through the Sakani platform, allowing beneficiaries to build homes tailored to their future needs.
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