The property market in Saudi Arabia is booming. The appeal of the Saudi kingdom has been boosted in recent years thanks to the NEOM megaproject, located in north-west Saudi Arabia and comprising various areas of activity such as THE LINE, OXAGON, TROJENA, Magna and Sindalah. 

It is a new megacity and technology zone that seeks to further develop the industrial, technological and economic fabric of the Saudi kingdom in areas other than the oil sector. This enclave is part of the Vision 2030 initiative, promoted by the crown prince, Mohamed bin Salman bin Abdulaziz Al-Saud, who for years has been seeking to diversify the country's productive and economic activity so as not to depend on hydrocarbons, the Saudi kingdom's main source of funding.

The housing need in Saudi Arabia is expected to require the construction of 115,000 homes every year for the next six years to meet the demand for property in the nation. This marked growth in the housing sector will lead to a rise in property prices in the face of high demand, which is being caused by the fact that up to 115,000 homes need to be built every year for more than five years.

Read the full story at Atalayar