Saudi mega projects to see SAR 2.75B in residential real estate spend: Knight Frank

Private buyers in Saudi Arabia are expected to SAR 2.75 billion to buy residential properties with mega projects this year, according to a survey by global consultancy Knight Frank.

Saudi citizens are forecast to spend SAR 2.62 billion, while residents will invest SAR 133.7 million, the survey added.

The average budget for mega projects among survey participants reached SAR 3 million, compared to SAR 2.2 million for a home outside major projects.

Knight Frank noted that 42% of survey takers were willing to spend up to SAR 1.5 million on a home outside mega projects, in addition to allocating higher budgets for housing within a mega project.

The survey indicated that nearly one in five participants (20%) agreed to allocate more than SAR 4.5 million to purchase a home within a mega project.