Here is something that will make Saudi Crown Prince MBS’s day. According to global property consultancy Knight Frank’s inaugural Destination Saudi report, 29% of Saudi-based expats would like to buy a home in the $1 trillion megacity Neom. The visionary mega-project of the Saudi Crown Prince has gathered it all from surprise, shock, salute, stimulation to skepticism, but with these numbers, Neom has emerged as the most preferred giga project. It is followed by multi-billion-dollar projects like the Jeddah Central (15%) and King Salman Park (8%), according to a new survey by Knight and Frank associates.
241 expatriates in Saudi Arabia were interviewed by the property consultant to understand their temperament and sentiment for real estate investment in the Kingdom. 56% of this group have resided in the Kingdom for over 10 years and 76% of respondents work in the private sector. When it comes to Neom City, almost half, 42% were keen on investing in the magnum opus, The Line that stretches 170 km horizontally. Nearly 20% were keen on the sea-horse-shaped island Sindalah that’s the closest to completion, and 10% were interested in Sharma Valley.
Faisal Durrani, Partner – Head of Research, MENA, explained: “Saudi Arabia’s Giga projects represent some of the most ambitious construction ever undertaken, and it stands to reason that these new city-sized developments continue to captivate prospective buyers. NEOM has consistently ranked as the most preferred location for Saudis eyeing up future home purchases in the Kingdom’s Giga projects, and it appears that expats too have been wooed by the planned ultra-futuristic offerings at the Belgium-sized US$ 500 billion super-city”.
The Line is a city that would cut straight through the desert and with no roads, cars or emissions, it will be a sustainability project par excellence running on 100 percent renewable energy. The well-designed zero-carbon development will offer necessities within a five-minute walk, and an efficient public transport network will offer an end-to-end journey in just 20 minutes.
The larger-than-life dwelling will also create ample opportunity, with over 380,000 jobs expected to be created by 2030. All these factors, in addition to regular construction updates from Neom, help in fostering an interest in the project with equal doses of awe.
