- The ambitious giga-project NEOM, located in Saudi Arabia, emerges as a magnet for expat property buyers seeking investment opportunities in the region.
Giga-project NEOM attracts expat property buyers
Dubai: Saudi Arabia’s giga-project NEOM is luring in expats to buy properties that cost over $1 million (Dh3.67 million) in central Jeddah.
According to the survey results, NEOM appeared to be a definite favorite among expats investors, followed by Jeddah Central and King Salman Park.
Out of those surveyed, 14 per cent were not interested in buying properties in any of the projects at the centre of Saudi Arabia’s massive economic transformation plans. When informed that all properties have a starting price of $1 million, the figure rose to 38 per cent.
“There appears to be a gulf between expats’ budgets and developers’ planned sales prices,” said the report, based on the survey carried out with YouGov.
King Salman Park is a large piece of green and urban land, which is not as popular as NEOM, but includes 11 avant-garde resorts, a tourist island called Sindalah and a horizontal city called The Line.
Of the expats interested to buy property in NEOM, 42 per cent said they are willing to buy in The Line and 19 per cent preferred Sindalah island.
The real estate projects currently in the Kingdom have been given a value of $1.25 trillion (Dh4.5 trillion), making it one of the biggest construction sites.
