the

definitive

guide

to

the

residential,

healthcare,education,

hospitality,

retail

and

branded

residential

sectors2023contentsINTRODUCTIONTHE

RESIDENTIAL

MARKET

THE

HOSPITALITY

MARKET

THE

RETAIL

MARKET06

20

46

64Our

2023

branding

reflects

Saudi

Arabia’s

forward-looking

approach

that

has

been

inspired

by

Vision

2030.Our

team

has

been

inspired

by

the

traditional

linear

wall

art

in

Aseer,

which

we

have

reinterpreted

as

13

parallel

lines,

each

representing

one

province

in

the

Kingdom.

Our

13-sided

tridecagon

similarly

reflects

the

13

provinces

in

Saudi.The

choice

of

our

vivid

colour

palette

this

year

is

meant

to

evoke

notions

of

a

future

without

boundaries,

which

the

Kingdom

currently

exudes

with

its

vast

development

plans,

but

always

anchored

by

the

colour

lavender,

which

is

a

tribute

to

the

lavender

fields

that

emerge

in

the

northern

deserts

of

Saudi

following

winter

rains.HEALTHCARE

&

EDUCATIONGCC

-

BASED

HNWI

INVESTMENT

APPETITE

GIGA

PROJECTSTHE

OPPORTUNITIES

ABOUT

US78

98

112

132

146THE

SAUDI

REPORT

|

2023 .sa/thesaudireport2023FOREWORDAs

Vision

2030

gathers

pace,

the

exuberance

of

change

is

nowhere

more

visible

than

across

the

Kingdom’s

real

estate

landscape.2022

will

likely

be

remembered

as

an

extraordinary

year

for

Saudi

Arabia.

The

pandemic’s

shackles

have

been

left

behind

and

Vision

2030

has

continued

to

blossom,

unveiling

a

slew

of

Giga

projects,

including

Sindalah

and

Trojena,

with

the

latter

winning

the

rights

to

host

the

2029

Asian

Winter

Games

–

a

first

for

the

Middle

East.Furthermore,

infrastructure

investments

have

continued

to

multiply,

with

Riyadh

set

to

host

the

world’s

largest

airport

by

2050

when

King

Salman

Airport

is

completed,

capable

of

handling

185

million

passengers

–

more

than

Dubai

International

and

London

Heathrow

combined.Last

year

I

said

I

believed

‘the

best

is

yet

to

come’

andI

stand

by

my

view.

The

National

Transformation

plan

isreverberating

around

the

Kingdom,

with

every

cornerand

sector

feeling

its

impact.

Riyadh

and

Jeddah

aretogether

expected

to

see

real

estate

and

infrastructuredevelopment

projects

worth

over

US$

200

billion

bythe

end

of

2030.

And

not

to

be

left

behind,

the

SaudiDowntown

Company

was

also

recently

established

todevelop

downtown

areas

and

mixed-use

destinations

in12

other

secondary

cities.James

LewisThe

phenomenal

pace

of

change

is

no

where

better

reflected

than

in

the

residential

and

office

markets

which

have

been

supercharged

by

the

influx

of

expats

and

international

businesses.

Indeed,

the

government

recently

reported

that

the

number

of

professional

expats

residing

in

the

Kingdom

grew

six-fold

between

March

and

September

last

year,

rising

from

200,000

to

1.2

million.

Unsurprisingly,

this

has

driven

house

prices

up

by

record

rates

with

home

ownership

rates

rapidly

closing

in

on

70%,

while

prime

office

space

has

dwindled

in

major

cities

such

as

Riyadh.In

our

2023

Saudi

Report,

we

investigate

the

attitudes

and

appetite

amongst

Saudi

nationals

to

rent,

or

purchase

homes

through

our

annual

residential

survey.

We

also

assess

national

attitudes

towards

the

Giga

projects

as

investment

destinations.New

components

to

our

report

this

year

include

understanding

attitudes

of

Saudi

nationals

towards

healthcare,

education,

branded

residences,

retail

and

hospitality

offerings

in

the

Kingdom.

We

also

take

a

look

at

GCC

HNWI

perceptions

of

the

real

estate

investment

opportunities

now

emerging

in

Saudi

Arabia.We

invite

you

to

explore

our

fascinating

research

findings

and

welcome

the

opportunity

to

discuss

our

analysis

with

you

in

more

detail.DISCOVER

THE

FULL

REPORTManaging

Director,

Middle

East

&

Africa6 7THE

SAUDI

REPORT

|

2023 .sa/thesaudireport2023The

total

value

of

real

estate

projects

since

the

launch

of

Saudi

Arabia’s

National

Transformation

Plan

in

2016

has

crossed

US$

1.1

trillion.The

phenomenal

transformation

taking

place

in

2022’s

fastest

growing

major

global

economy

is

clearly

visible

across

the

entire

urban

landscape.

With

over

555,000

residential

units,

more

than

275,000

hotel

keys,

in

excess

of

4.3

million

sqm

of

retail

space

and

over

6.1

million

sqm

of

new

office

space

expected

by

2030,

the

planned

construction

in

the

Kingdom

will

easily

make

Saudi

Arabia

the

largest

construction

site

the

world

has

ever

known.What’s

more,

healthcare,

education

and

wellbeing

sit

at

the

core

of

the

transformative

plans,

which

will

contribute

to

an

extraordinary

evolution

in

the

Kingdom’s

physical

realm.We

currently

tracking

15

giga

projects

in

various

phases

of

construction

around

the

Kingdom,

many

of

which

are

new

stand-alone

super-cities

in

their

own

right.

NEOM

remains

the

largest

giga-project

announced

to

date,

and

it

has

been

recently

publicised

that

it

will

house

9

million

residents

on

completion

across

an

estimated

300,000

new

homes.

However

just

US$

7.5

billion

of

sub

projects

have

been

commissioned

thus

far,

with

construction

progress

of

this

tranche

of

projects

standing

at

29%.Vision

2030

has

lit

the

embers

of

excitement

across

the

Kingdom

and

with

NEOM

being

positioned

as

a

crown

jewel

in

the

transformative

plans,

people

are

eager

to

be

part

of

history.

Super-cities

like

NEOM

will

redefine

urban

living,

while

meaningfully

embracing

sustainability

in

a

resource

hungry

region.

Sub-cities

like

Oxagon,

Sindalah,

Trojena

and

The

Line

will

set

new

benchmarks

for

luxury

living

in

the

region

and

with

close

to

30%

of

home-owners

in

Saudi

prepared

to

spend

upwards

of

US$

800,000

on

a

second

home

in

the

Kingdom,

developers

have

their

work

cut

out

to

satisfy

this

pent-up

demand.Away

from

NEOM,

the

US$

20

billion

Diriyah

Gate

is

one

of

the

Kingdom’s

other

vast

projects.

The

city-sized

historic

district

of

Diriyah

will

add

20,000

homes

to

Riyadh’s

residential

stock

by

the

time

it

is

completed

in

2027

and

46%

of

construction

has

been

completed

on

the

US$

5

billion

spent

so

far.Riyadh

itself

is

poised

to

undergo

explosive

growth,

with

the

population

projected

to

close

in

on

17

million

by

2030,

up

from

around

7.5

million

today.

To

meet

this

ambitious

growth

target,

the

city

has

itself

seen

real

estate

projects

worth

US$

104

billion

unveiled

over

the

last

six

years.

This

excludes

plans

for

the

recently

unveiled

King

Salman

International

Airport

–

expected

to

be

the

world’s

largest

on

completion

in

2050.

The

city-sized

airport

will

be

spread

across

57

square

kilometres

and

is

being

developed

at

a

cost

of

US$

147

billion,

details

of

which

are

expected

soon.

The

new

international

airport

accounts

for

close

to

74%

of

the

US$

200

billion

nationwide

infrastructure

spend.Riyadh’s

repositioning

as

a

commercial

nerve

centre

of

the

Kingdom

is

well

underway.

And

businesses

from

the

world

over

are

already

clamouring

to

be

at

the

centre

of

the

Middle

East’s

second

and

much-needed

global

hub.

Indeed,

with

Grade

A

office

occupancy

levels

across

the

city

hovering

at

around

97%,

the

planned

development

of

a

further

2.8

million

sqm

of

world

class

office

space

could

not

come

sooner.

The

city

is

also

attracting

a

huge

number

of

internal

migrants

and

with

readily

available

support

to

get

on

the

housing

ladder,

house

prices

are

rising

rapidly

and

currently

stand

some

26%

higher

than

this

time

last

year,

with

certain

parts

of

the

capital

registering

growth

of

close

to

40%.

This

record

growth

is

creating

some

pressures

in

the

housing

market,

which

we

will

explore

later

in

the

report.Sustainability

is

a

key

theme

for

Riyadh

too.

Recent

plans

for

the

10

square

kilometre

ALNAMA

Smart

City,

which

will

be

the

capital’s

first

zero-carbon

city,

housing

some

44,000

people

when

completed,

we

expect,

are

just

the

tip

of

the

iceberg.VISION

2030

HAS

LIT

THE

EMBERS

OF

EXCITEMENT

ACROSS

THE

KINGDOM

AND

WITH

NEOM

BEING

POSITIONED

AS

A

CROWN

JEWEL

IN

THE

TRANSFORMATIVE

PLANS,

PEOPLE

ARE

EAGER

TO

BE

PART

OF

HISTORY.8 9THE

SAUDI

REPORT

|

2023 .sa/thesaudireport2023Major

education

projectsThere

is

significant

emphasis

being

placed

on

the

well-being

of

the

Kingdom’s

residents

through

the

improvement

and

provision

of

world-class

urban

environments.

This

includes

the

US$

500

million

Riyadh

Sports

Boulevard

as

well

as

the

US$

23

billion

‘Green

Riyadh’

which

will

transform

the

Saudi

capitalUS$

640

millionUS$

142

millionOther

ProvincesAl-Madinah

Provinceinto

a

verdant

metropolis

through

the

planting

of

7.5

million

trees.Elsewhere,

Dammam’s

650,000

sqm

Amanat

Al

Sharqiya

project

will

see

the

revitalisation

of

the

city’s

corniche.And

this

emphasis

on

wellbeing

extends

to

the

19,000

hospital

beds

planned,

which

is

set

to

cost

US$

13.8

billion,

US$

8.6

billion

of

which

is

planned

for

Riyadh

Province

alone.

Furthermore,

over

80

new

educational

institutions

are

also

being

built

at

a

cost

of

US$

8

billion.US$

8

billioncost

of

80

neweducational

institutionsUS$

778

millionUS$

1.8

billionUS$

3.7

billionEastern

ProvinceMakkah

ProvinceRiyadh

ProvinceUS$

7

billionSource:

Knight

FrankMajor

wellbeing,

sports,

entertainment,

and

recreation

projectsUS$

24

billionMajor

healthcare

projectsUS$

13.8

billionUS$

500millionTHE

RIGUS$

500millionRiyadh’s

SportsBoulevardUS$

23

billionGreen

Riyadh3,242BedsUS$

756

millionOtherProvinces720BedsUS$

346

millionEasternProvince2,074BedsUS$

819

millionAsirProvince1,080BedsUS$

969

millionAl-MadinahProvince5,146BedsUS$

2.3

billionMakkahProvince6,565BedsUS$

8.6

billionRiyadhProvinceSource:

Knight

Frank Source:

Knight

Frank10 11THE

SAUDI

REPORT

|

2023 .sa/thesaudireport2023Knight

Frank’s

annual

2023

Saudi

Arabia

real

estate

market

surveys

were

conducted

in

partnership

with

YouGov.

The

three

surveys

were

designed

to

elicit

a

deeper

understanding

of

preferences

and

aspirations

for

residential

properties,

as

well

as

gauge

attitudes

towards

other

real

estate

sectors,

including

hospitality,

retail,

healthcare,

and

education.Our

surveys

go

beyond

the

raw

data

as

we

seek

to

understand

the

motives

behind

responses,

as

well

as

differentiate

between

aspirations

and

reality,

in

addition

to

painting

a

picture

of

what

the

results

may

mean

for

the

Kingdom’s

real

estate

markets.Sentiment

is

often

a

better

indicator

of

future

capital

allocation

than

just

deals;

hence

our

three

surveys

rely

equally

on

qualitative

as

well

as

quantitative

data

points.Survey

11,014

Saudi

national

households

from

the

cities

of

Riyadh,

Jeddah,

and

Dammam

were

surveyed

to

identify

their

desired

residential

properties

and

living

preferences,

including

a

specific

focus

on

the

planned

Giga

projects.Survey

2498

Saudi

national

households

from

the

cities

of

Riyadh,

Jeddah

and

Dammam

were

surveyed

to

gather

their

attitudes

on

various

real

estate

sectors,

including

hospitality,

retail,

healthcare,

and

education,

to

understand

their

preferences

and

spending

habits.Survey

3107

GCC-based

High

Net

Worth

Individuals

(HNWI),

each

with

a

net

worth

of

over

US$

500,000

(excluding

their

primary

residence),

were

surveyed

to

measure

their

appetite

to

invest

in

real

estate

in

the

Kingdom.12 13THE

SAUDI

REPORT

|

2023 .sa/thesaudireport2023DISCOVER

THE

DATA1,014Saudi

national

households36+68%70%40%15%%30JeddahRiyadhDammamCITYGENDERAGEPROPERTY

PREFERENCE43%Of

respondents

currently

reside

outside

of

their

hometown60%55%40%Of

respondents

are

interested

in

making

a

residential

property

purchase

within

the

next

year30%32%18-45Source:

Knight

Frank,

YouGovTHE

SAUDI

REPORT

|

2023OVER1/2.sa/thesaudireport2023are

interested

in

purchasing

realestate

in

Saudi

Arabia498

Saudi

national

households 107

GCC-based

HNWI66%of

respondents

visit

government

facilities

for

medical

treatments91%of

respondents

travel

domesticallyOVER1/2of

GCC-based

HNWI

prefer

residential

investments83%are

interested

in

purchasing

realestate

in

Saudi

Arabia6

%1

8-

2

5U

N37DE%R

SAR

10,000%25-3562%%SAR

38%MONTHLYINCOMEAGENUMBER

OF

PROPERTIES118% 36%2% 18%12%35%N

O

N

E5%15

%D

a

m

m

a

m10

%O

V

E

R

S

A

R30%25-4538% 51%45+18%15%GENDERCITYNETWORTHCOUNTRY33%49%416%%5+12%4

0

,

0

0

0 S

AR Source:

Knight

Frank,

YouGov21%O

VER

US$1MILLION25556491%83%U N D E R U S $ 1M ILLION13THE

SAUDI

REPORT

|

2023 .sa/thesaudireport2023survey

1Over

the

past

decade,

the

Kingdom

of

Saudi

Arabia

has

undergone

a

tremendous

socio-economic

transformation,

with

declining

household

sizes

and

internal

migration

emerging

as

some

of

the

first

byproducts

of

rapid

modernisation.THE

ONGOING

DECREASE

IN

HOUSEHOLD

SIZES

AS

YOUNG

SAUDIS

FLY

THE

NEST

AT

A

YOUNGER

AGE

IS

SUSTAINING

HIGH

LEVELS

OF

DEMAND.…The

capital

city,

Riyadh,

has

been

one

of

the

major

centres

of

attraction

for

those

looking

to

climb

the

career

ladder,

with

Survey

1

highlighting

jobs

as

the

key

driver

for

Saudi

nationals

relocating

to

Riyadh.This

trend

is

also

present

in

other

major

cities,

like

Jeddah,

the

commercial

capital

of

the

western

region

and

Saudi’s

second

city.In

Survey

1,

we

investigated

the

impact

of

domestic

migration

on

property

choices

to

understand

how

developers

and

investors

might

respond

to

this

apparent

opportunity.

Among

our

Riyadh

respondents,

just

over

halfIn

Dammam,

this

figure

rises

to

58%,

while

in

Jeddah,

almost

two-thirds

of

respondents

were

born

and

raised

in

the

city.

The

disparity

in

the

figures

for

the

first

time

has

allowed

us

to

quantify

the

potential

volume

of

internal

Saudi

migrants

in

Riyadh,

which

has

significant

implications

for

developers

and

planners.The

most

common

reason

to

temporarily

migrate

to

a

different

city

are

‘work’

or

‘career’

linked.

Those

who

migrate

temporarily

prefer

living

in

smaller

units

(74%).

Additionally,

most

(62%)

are

tenants,

presumably

due

to

the

flexibility

offered

through

renting

and

plans

to

buy

a

house

in

their

hometown

instead,

both

of

which

were

keyDespite

the

high

levels

of

internal

migration,

a

significant

proportion

of

respondents

appear

to

be

uncommitted

to

establishing

a

permanent

base

away

from

their

home

cities.Indeed,

68%

perceive

themselves

as

temporary

residents,

indicating

they

will

move

‘back

home’

should

the

right

job

present

itself.The

graph

below

shows

the

movement

of

residents

in

and

out

of

their

home

cities

based

on

their

income.

Most

people

between

the

income

brackets

of

SAR

4,000

to15,000

per

month

in

Jeddah

and

Riyadh

appear

more

footloose

and

are

willing

to

move

within

the

Kingdom.

After

achieving

higher

incomes,

however,

the

desire

to

relocate

once

more

declines

rapidly.In

Dammam,

however,

the

story

is

a

bit

different.

Most

prefer

to

remain

in

the

city

until

they

breach

an

income

threshold

of

SAR

40,000

per

month.

Anecdotally,

Saudi

ARAMCO,

which

is

headquartered

in

Dammam,

is

known

to

offer

high

starting

salaries,

which

could

perhaps

partly

explain

this

trend.(53%)

were

born

in

the

capital

and

consider

it

their

home. takeaways

in

our

2022

Saudi

Report. Domestic

migration

levels

(by

monthly

income)We

will

return

to

this

theme

later

in

our

Opportunities

chapter.MOVING

OUT

OF

HOMETOWN15%10%Property

prefrence

(by

migration

status) Living

arrangements

(by

migration

status)Percentage

of

respondents80%70%60%50%40%30%20%10%Percentage

of

respondents70%60%50%40%30%20%10%0%MOVING

BACK

TO

HOMETOWNAverage

monthly

income5%0%-5%-10%-15%0% Own Rent Live

with

familyVilla Apartment OtherIndigenous

resident Temporary

migrant Indigenous

resident Temporary

migrant Riyadh Jeddah DammamSource:

Knight

Frank,

YouGov Source:

Knight

Frank,

YouGov Source:

Knight

Frank,

YouGov20 21Under

SAR

2,000SAR

2,000

-

4,000SAR

8,000

-

15,000SAR

15,000

-

25,000SAR

25,000

-

40,000Over

SAR

40,000THE

SAUDI

REPORT

|

2023 .sa/thesaudireport2023survey

1Despite

the

slowdown

in

transactions

and

rising

prices,

demand

for

residential

units

in

Riyadh

remains

high.

The

capital

continues

to

be

a

popular

target

amongst

home

buyers,

with

demand

being

catalysed

by

high

levels

of

job

creation

and

eye-catching

residential

developments

such

as

King

Salman

Park.

The

latter

includes

over

15,000

units

across

16

square

kilometres,

set

in

amongst

11.6

square

kilometres

of

landscaping.Job

creation

coupled

with

Program

HQ,

which

is

designed

to

encourage

businesses

around

the

region

to

hub

out

of

the

Kingdom

and

the

ongoing

decrease

in

household

sizes

as

young

Saudis

fly

the

nest

at

a

younger

age

is

sustaining

high

levels

of

demand.Most

popular

locations

for

home

ownership

(by

city)Percentage

of

respondents80%70%60%50%40%30%20%10%0% Riyadh Jeddah Dammam Makkah Madianh Saudi

ArabiaWhere

Saudis

want

to

own

their

first

home Riyadh Jeddah Dammam Source:

Knight

Frank,

YouGovMadinah1%Jeddah36%

1%Riyadh49%Makkah11%Dammam95%2%3%Anywherein

SaudiUAERest

of

the

worldTHE

MAJORITY

OF

RESIDENTS

OF

BOTH

RIYADH

(84%)

AND

JEDDAH

(85%)

ARE

INTERESTED

IN

PURCHASING

PROPERTIES

IN

THEIR

RESPECTIVE

CITIES50%

OF

DAMMAM’S

RESIDENTS

ARE

INTERESTED

IN

BUYING

PROPERTIES

IN

THE

DAMMAM

METROPOLITAN

AREA,

AND

ONE-THIRD

ARE

LOOKING

TO

PURCHASE

IN

RIYADH

(20%)

AND

JEDDAH

(30%)2%elsewhere

in

the

kingdomDISCOVER

THE

FULL

REPORTSource:

Knight

Frank,

YouGov22 23THE

SAUDI

REPORT

|

2023 .sa/thesaudireport2023survey

1As

part

of

the

plethora

of

the

Kingdom’s

reforms,

boosting

home

ownership

amongst

Saudi

nationals

remains

a

key

pillar

in

Vision

2030.

In

our

2022

Saudi

Report,

we

found

that

84%

of

tenants

were

interested

in

purchasing

property,

but

affordability

challenges

emerged

as

a

key

barrier

between

aspirations

and

reality.

As

a

result,

many

were

forced

into

a

holding

pattern,

having

to

save

for

longer

before

being

able

to

transition

to

home

ownership.Annual

change

in

residential

transactions

(2021

vs

2022)-25%Saudi

Arabia-4%Riyadh -34%

-12%With

house

prices

rising

by

as

much

as

40%

in

some

of

Riyadh’s

most

desirable

suburbs

over

the

last

12

months,

the

affordability

gap

has

intensified.

Clearly,

incomes

have

not

risen

at

the

same

pace,

and

the

market

is

now

experiencing

a

decline

in

the

number

of

homes

sold.The

escalating

prices

may

explain

why

only

40%

of

respondents

in

Survey

1

are

keen

to

buy

a

new

home

inThe

lack

of

‘desire’

(32%)

has

been

cited

as

the

top

reason

to

remain

in

existing

accommodation,

while

nearly

one

in

three

(28%)

say

‘a(chǎn)vailable

options

are

too

expensive’,

suggesting

a

rapidly

expanding

void

of

more

affordable

homes.

This

is

not

something

developers

are

necessarily

overlooking;

however

exponential

growth

in

land

prices

(up

by

an

average

of

14%

in

Riyadh

in

2022

alone)

and

raw

material

costs

are

suppressing

developers’

appetite

toJeddahDammam-16%-15%23%15%2023,

either

as

an

upgrade

or

a

first

home.

33%

say

they

will

most

likely

buy

in

the

next

five

years.While

the

most

popular

reason

to

purchase

a

home

is

‘upsizing’

(32%)

and

buying

a

‘family

home’

(30%),

‘a(chǎn)

goodcater

to

this

segment

of

the

market.Number

of

transactionsValue

of

transactionsSource:

Knight

Frank,

Ministry

of

Justice

(MoJ)deal/opportunity’

also

ranks

highly

among

respondents

at19%.Reasons

to

not

move

home

in

2023

(by

city)Percentage

of

respondents50%45%40%35%30%SURVEY

1

REVEALS

THAT

35%

OF

RESPONDENTS

OVER

THE

AGE

OF

35

ARE

LIKELY

TO

DELAY

PURCHASING

A

PROPERTY

BECAUSE

“PROPERTIES

ARE

TOO

EXPENSIVE”.

FOR

THOSE

BELOW

35,

THIS

DROPS

TO

25%THE

TOP

REASON

TO

PURCHASE

A

PROPERTY

IN

RIYADH

IS

‘A

GOOD

DEAL/

OPPORTUNITY’

(36%),

WHILE

IN

JEDDAH,

IT

IS

‘LIFESTYLE’

(35%)25%20%15%10%5%0%No

desireNo

optionsToo

expensiveAlready

ownStill

savingOtherRiyadh Jeddah Dammam Source:

Knight

Frank,

YouGov24 25THE

SAUDI

REPORT

|

2023 .sa/thesaudireport2023survey

1At

the

end

of

2022,

the

headline

inflation

rate

in

Saudi

Arabia

stood

at

3.3%,

far

below

levels

being

recorded

elsewhere

in

the

world;

however,

the

Saudi

Central

Bank

(SAMA),

has

continued

to

mirror

US

fiscal

policy,

boosting

Interest

rates

in

tandem

with

the

US.The

Kingdom’s

headline

interest

rate

rose

from

1%

to

5%

by

the

end

of

last

year.

The

impact

on

mortgaged

households

has

been

clear,

with

the

number

of

transactions

slipping

as

households

carefully

consider

balancing

home

ownership

with

their

other

fixed

expenses.

And

despite

moves

by

authorities

such

as

the

Saudi

Refinance

Company

to

boost

mortgage

terms

to30

years

(from

a

maximum

of

25

previously),

households

remain

cautious,

as

evidenced

by

the

results

of

our

surveys.Indeed,

in

Survey

1,

when

asked

how

rising

interest

rates

are

impacting

home

purchase

decisions,

there

is

a

clear

sentiment

divide

based

on

age.

Respondents

below

the

age

of

35

years

appear

to

be

the

most

significantly

impacted,

with

26%

saying

they

will

‘either

downsize/

purchase

a

smaller

property’

and

a

further

21%

will

‘reconsider

location’

based

on

affordability.When

it

comes

to

budgets,

the

bulk

of

those

below

the

age

of

35

(62%)

are

prepared

to

spend

up

to

SAR

1.5

million

on

a

home

purchase

in

2023.

This

echoes

the