There’s no place like home
Saudi Arabia is the most likely place first-time buyers will purchase their home, but this sentiment is not unanimous.
17 February 2022
WHAT OUR EXPERT SAYS
“Arguably one of the most intriguing finds of our survey has been the emergence of a group of Saudi nationals who aspire to buy their first home outside the region altogether. While 80% of first-time buyers want to buy a home in the Kingdom, 11% are looking beyond the region entirely. This figure is even higher than the United Arab Emirates at 3%. What’s more, zooming into Riyadh and Jeddah reveals that this aspiration is greater still at 13% for each city. The data may be indicative of those who “own” through the virtue of ancestral, or family homes, but equally it may be reflective of those who are unable to get on the property ladder due to affordability constraints, or the lack of suitable options, which our survey has strongly hinted at, especially for lower income groups.” Faisal Durrani, Partner – Head of Middle East Research, Knight Frank Middle East
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