Mind the (generational) gap

The results of Survey 1 have allowed us a unique insight into the home ownership aspirations of this all-important group of Saudi’s.  30% of our survey’s respondents were under the age of 35. The results highlight a growing gap between generational priorities, with a drop in traditional values, such as privacy, and a growing preference for community living amongst millennials. The survey results reveal different stories for each of the three featured cities. The results in Riyadh reflect the effects of domestic migration, while in Jeddah affordability issues are prevalent. Elsewhere, in Dammam, our findings point to an undersupply of property purchase options.

WHAT OUR EXPERT SAYS

“Our surveys highlight a clear opportunity to develop townhouses, a property type that offers the same spatial affordances of a villa, on a more millennial-friendly budget. Townhouses are a relatively new product for the Kingdom that have a proven track record in other GCC countries. Currently, there aren’t as many townhouses under development - but those that are well-designed have seen an above-average absorption rate when compared to other property types. Apartments are also becoming a more popular choice with millennials, specifically those with added services. Many of these properties lie within a walking distance of cafes and retail centers, with access to amenities such as gyms and 24-hour security services, providing residents a lifestyle unattainable to those living in villas.” Harmen de Jong, Partner – Real Estate Strategy and Consulting, Knight Frank Middle East

Discover the full Saudi Arabia Residential Survey 2022