Two years ago, Saudi’s real estate and infrastructure portfolio of projects launched since the inception of the National Transformation Plan in 2016 crossed the magical $1 trillion barrier. This month, the next milestone has been crossed with the addition of the $250 billion in projects to the portfolio.
Saudi Arabia has embarked on an expansive real estate development program, with a focus on meeting Vision 2030 goals. Knight Frank research now shows that the total development portfolio has hit $1.25 trillion.
With population growth expected to top 50 million by 2030, the number of planned residential units has increased to 660,000, up 30% in the last year – but affordability remains a challenge. Approximately 5.3 million square meters of retail space and a total of 289,000 hotel rooms are planned to support the goal of hosting 100 million visitors by 2030.
Riyadh
Riyadh is a central focus for Saudi Arabia’s property and infrastructure transformation, with 18% of real estate and development projects, totaling $229 billion. This includes plans for adding 3.6 million square meters of office space, addressing a severe supply shortage that has boosted Grade A occupancy to 98%.
The government intends to invest approximately $1 trillion in Riyadh alone. In the residential segment, Riyadh accounts for 18% of all projects, including plans for 241,000 homes by 2030. This includes King Salman Park, a major project with $8.8 billion in contracts awarded so far, featuring homes, office space and retail offerings.
Tourism is also on the agenda for Riyadh. The capital city aims to attract 30 million visitors by 2030, among others to be realized by the hosting of major touristic events including the 2030 World Expo.
Another area of investment: making Riyadh more liveable. There is an emphasis on improving residents’ well-being through projects like Qiddiya’s theme park, Riyadh Sports Boulevard, and the ‘Green Riyadh’ greening initiative.
Neom and Western Saudi
The western half of the country, including Neom, is another central focus of Vision 2030, with $687 billion in real estate projects expected to be delivered by the end of the decade.
Neom, described by many as a “visionary mega-city”, features several mega projects. The Line will introduce the world’s first linear city, stretching over 170 kilometers and characterised by two soaring 400-meter-tall ‘landscrapers’. Trojena is slated to host the 2030 Asian Winter Games, becoming the Middle East’s pioneering open-air ski resort, capitalising on the region’s consistent winter snowfall.
Oxagon is envisioned as the planet’s largest floating city, running entirely on renewable energy and housing an extensive logistics hub. Sindalah Island is set to become a luxury yachting destination, complemented by opulent hotel resorts.
With the world-famous Kentucky Derby, rolling bluegrass hills, bourbon trails and distillery tours, historic sites, and the Red River Gorge, Kentucky offers a wealth of highlights for anyone living in the state. If Kentucky sounds like the state for you, then you may also be curious about what cities fit into your budget. For example, the median home sale price in Kentucky is $295,000 as of July.
Don’t worry if that price doesn’t fit in your budget – we’ve got options to help you find a home or apartment that does. Redfin has collected a list of the 4 of the most affordable places to live in Kentucky. And they all have a median home sale price under the state’s average. From Hopkinsville to Covington, find out which cities made the list.
#1: Hopkinsville
Median home price: $17,500
Average sale price per square foot: $121
Median household income: $40,442
Nearest major metro: Bowling Green (60 miles)
Hopkinsville, KY homes for sale
Hopkinsville, KY apartments for rent
With a median home sale price of $17,500, Hopkinsville claims the first spot on our list of affordable places to live in Kentucky. About 60 miles away from Bowling Green, the nearest major metro, Hopkinsville is home to roughly 31,000 people. Living in Hopkinsville, you can walk along one of the trails that are part of the Hopkinsville Greenway System, check out the downtown area, or explore Jeffers Bend Environmental Center.
#2: Owensboro
Median home price: $185,400
Average sale price per square foot: $130
Median household income: $47,411
Nearest major metro: Evansville, IN (40 miles)
Owensboro, KY homes for sale
Owensboro, KY apartments for rent
Kentucky’s second most affordable city to live in is Owensboro. When living in this city of 60,200 people, you can visit the Western Kentucky Botanical Garden, explore the Bluegrass Music Hall of Fame & Museum, and check out downtown Owensboro.
#3: Covington
Median home price: $199,000
Average sale price per square foot: $153
Median household income: $47,917
Nearest major metro: Cincinnati, OH (2 miles)
Covington, KY homes for sale
Covington, KY apartments for rent
Third is Covington where about 40,400 residents currently live. The median home sale price is $199,000 which is about $75K less than the median home sale price in Kentucky. If you find yourself moving here, explore Devou Park where you’ll find a scenic overlook, trails, and the Behringer-Crawford Museum, check out the local shops and restaurants in downtown Covington, and take in the views of the Ohio River.
#4: Bowling Green
Median home price: $270,000
Average sale price per square foot: $160
Average rent for a 1-bedroom apartment: $925
Median household income: $47,411
Nearest major metro: Nashville (65 miles)
Bowling Green, KY homes for sale
Bowling Green, KY apartments for rent
Only slightly more expensive than Covington is Bowling Green, the final city on our list. With roughly 72,300 residents in Bowling Green, make sure to take a boat tour of the Lost River Cave, visit museums like Historic RailPark & Train Museum or the National Corvette Museum, and check out the Hobson Grove Park.
Methodology: All cities must have over 30,000 residents per the US Census and have a median home sale price under the average median home sale price in Kentucky. Median home sale price and median sale price per square foot from the Redfin Data Center during July 2023. Average rental data from Rent.com July 2023. Population and median household income data sourced from the United States Census Bureau.