博鱼体育集团

The survey reveals 56% of Saudi Arabia鈥檚 population is under the age of 35, and as household sizes continue to decline, this group represents a significant source of future housing demand.

Our first survey of 1,003 Saudi national households鈥� across the cities of Riyadh, Jeddah and Dammam, split between tenants and homeowners have allowed us a unique insight into the home ownership aspirations of this all-important group of Saudi鈥檚.

In the survey 30% of our 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.

The future of housing

鈥淥ur 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鈥檛 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.鈥� Harmen de Jong, partner 鈥� real estate strategy and consulting, 博鱼体育集团 Frank Middle East.

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