SAR 1.45 billion of capital available targeting Giga projects

Giga projects’ appeal intensifies

Overall, 66% of respondents are willing to allocate a budget of under SAR 1.5 million to purchase a property in their preferred Giga project, while 6% claim they will spend over SAR 4.5 million (c. US$ 1.2 million).

Richie Rich

Those interested in purchasing in Al-Ula have the highest budgets. Some 22% will spend between SAR 2.5-4.5 million in Al-Ula, while a further 8% say they are happy to commit over SAR 5.5 million to a property which is the highest proportion of respondents for the top-end budget range.

Furthermore, the average budget for a home in Al-Ula is SAR 2.5 million - the highest across all Giga projects.

For other Giga projects, such as the Red Sea Project (including Amaala), the average budget is slightly lower at around SAR 2.2 million, with 32% saying they are willing to allocate a budget of between SAR 750,000 and 1.5 million. A further 32% plan to spend between SAR 1.5-2.5 million to own a property in The Red Sea Project.

 The price for a home in a city of the future

When it comes to premiums, Survey 1 shows that 82% of those interested in purchasing at a Giga project are willing to pay a premium. This is up from just 51% last year, highlighting the growing appeal of the Kingdom’s future cities.

The premium buyers are willing to pay to own a home in one of the Giga projects varies, but the vast majority (71%) are willing to pay a premium of less than 7.5% compared to a similar home elsewhere.

Respondents interested in purchasing in Al-Ula have the highest percentage of those willing to pay premiums over 7.5% (19%), compared to other projects such as Qiddiyah, where only 7% are interested in paying a premium of over 7%.