520-unit expat-focused community in Diriyah fetches top bids in one of Riyadh’s biggest residential real estate transactions this year
One of Saudi Arabia’s most sought-after residential compounds just changed hands, and it’s got the region’s real estate sector buzzing. JLL, the global property advisory giant, wrapped up the sale of the Antara Residential Compound in Riyadh—marking a high-stakes bet on the capital’s booming housing market.
The 520-unit gated community in Diriyah, designed with a Mediterranean resort feel, caters largely to expatriates. The sale is being hailed as one of the most significant residential deals of the year in Riyadh, reflecting both rising investor interest and a persistent housing crunch in the city.
A Competitive Sale That Turned Heads
JLL didn’t just list the property quietly. The firm rolled out an exclusive institutional marketing push that pulled in a wave of interest from across the region and beyond.
The sale process, according to insiders, was fiercely competitive. Several bidders vied for control of the upscale development, and in the end, a prominent local buyer walked away with the keys.
“This wasn’t your typical deal,” said a person close to the process. “We’re talking about a rare, fully leased compound with amenities that expats line up for. It got snapped up fast.”
The sales campaign didn’t rely on a broad-brush approach either. JLL’s team zeroed in on pre-qualified investors who could move quickly.
• Bidders included regional sovereign-backed funds, real estate investment trusts, and large family offices
• The asset’s appeal lay in its occupancy rates, unit mix, and scarcity of comparable supply
• Market insiders say the deal valuation crossed SAR 1 billion ($266 million), though parties have not disclosed the official number
Diriyah: Not Just a Cultural Project Anymore
Antara isn’t located just anywhere—it sits in Diriyah, an area that’s been undergoing a multi-billion-dollar facelift as part of Saudi Arabia’s broader Vision 2030 blueprint. Most headlines have focused on the historic and cultural projects. But behind the scenes, it’s quickly becoming a real estate magnet.
Diriyah’s transformation has pushed up land prices and stoked demand for mid- to high-end housing.
And Antara hit that sweet spot—serving not just high-earning expats, but also senior professionals working on mega-projects in and around the capital.
One industry analyst put it simply: “It’s almost impossible to replicate what Antara has. The land, the amenities, the location—it checks all the boxes.”
What Makes Antara Stand Out?
The compound was never built as a cookie-cutter development. Instead, it mimics the feel of a luxury resort, with meticulous landscaping, wellness facilities, and family-centric design.
Here’s a quick snapshot of the property:
| Feature | Details |
|---|---|
| Total Units | 520 |
| Unit Types | Apartments, townhouses, villas |
| Primary Tenants | Expatriates, diplomats, consultants |
| Location | North Riyadh, Diriyah |
| Amenities | Clubhouse, gym, pools, retail outlets, green spaces |
| Lease Profile | High occupancy, long-term contracts |
It’s not just about marble floors and gated entrances. Antara’s layout supports walkability, privacy, and recreational life—features that are in short supply in many newer builds.
One tenant, a European consultant working in Riyadh since 2023, described Antara as “the only place that felt like home” after multiple relocations. “Everything just works here,” she said. “And that’s not always the case in Riyadh.”
Demand for High-Quality Housing Still Outstrips Supply
While Riyadh’s skyline is dotted with cranes and construction sites, quality is lagging behind quantity. That’s part of why Antara fetched such intense interest.
Saudi Arabia’s residential market is facing a structural imbalance. Much of the new stock is either luxury and unaffordable, or bare-bones and uninspiring. Properties that manage to hit the middle of that spectrum—offering quality, community, and location—are gold dust.
Riyadh’s population has ballooned in recent years, driven by public sector hiring, foreign investment, and a growing expat presence in sectors like consulting, tech, and finance.
“Everyone’s talking about NEOM and Qiddiya,” said a real estate executive based in Jeddah. “But the real action right now is in Riyadh housing. And Antara just proved that.”
For JLL, a Reputation-Cementing Win
For JLL’s Saudi team, the transaction is a career highlight. The company was brought in to run the sale by a major Saudi fund that had developed and held the asset for several years.
JLL’s ability to navigate the process from end to end—from crafting the marketing materials to screening buyers and finalizing the deal—has drawn praise from several quarters.
“It wasn’t just about selling a building,” said a person familiar with the matter. “It was about selling a vision of stable, long-term returns in a market that’s still developing.”
The Antara deal caps off a string of successful closings for JLL’s Capital Markets division in the region. And with other large residential portfolios reportedly coming to market in Riyadh and Jeddah, the firm is positioning itself as a go-to advisor.
