Saudi Arabia sees 'steep decline' in demand for large houses

Jack Dutton

Apr 4, 2023

A picture taken on September 9, 2022, shows people walking along a street in the Saudi capital Riyadh. (Photo by Fayez Nureldine / AFP) (Photo by FAYEZ NURELDINE/AFP via Getty Images) — People are seen walking along a street in the capital Riyadh, Saudi Arabia, Sept. 9, 2022. — Fayez Nureldine/AFP via Getty Images

Saudi Arabia’s property market is seeing a “steep decline” in demand for large houses as more young Saudis move out of their family homes earlier to seek jobs elsewhere, according to estate agent and property consultancy Knight Frank.

Knight Frank is tracking around 555,000 residential units that are under construction in the kingdom and are all due to be developed by the end of the decade. The estate agent believes that most of those properties will be priced north of $1 million.