Riyadh

Riyadh is Saudi Arabia's capital, largest city, and the epicentre of Vision 2030 transformation. The city has grown from 3 million residents in 2000 to ~8 million today and is projected to reach 15-20 million by 2030 as the Crown Prince's Vision 2030 plan relocates regional HQs, expands government employment, and drives population in-migration. Residential prices in upscale districts (Al Olaya, Al Malqa, Al Narjis, Diplomatic Quarter, Hittin) command SAR 6,000-12,000 per square metre, with gross yields of 5.8-7.2%. The September 2025 5-year rent freeze (effective through September 2030, within the city's urban boundary) is the defining market feature -- it caps rental income growth at zero in real terms for new investors, a material negative driver. Capital values continue to appreciate, however, on supply tightness and Vision 2030 demand. For international buyers (post the 2025 foreign ownership law, effective January 2026), Riyadh offers first-mover access to one of the world's most ambitious capital city transformations, USD-pegged currency, and zero personal income tax. The catch: foreign ownership is only allowed in designated zones, and the rent freeze caps near-term rental yield growth.