RIYADH — Recent data indicates that host cities of the 2026 World Cup have experienced an average 44 % increase in property prices since the tournament was announced, and with Saudi Arabia slated to host the 2034 edition, the deadline for strategic investment is rapidly approaching.
When FIFA granted the 2026 World Cup to the United States, Canada, and Mexico in June 2018, forward‑thinking investors began probing opportunities beyond the sport, eyeing the real‑estate implications.
Eight years on, the figures present a compelling argument that those early insights were prescient.
A fresh analysis by London‑based brokerage Enness Global reveals that property values in all 16 venues slated for the 2026 tournament have risen by an average of 44 % since the bid was awarded, with every market registering positive growth.
The most pronounced surge is in Guadalajara, where prices have jumped 111.6 %, followed by Monterrey at 99.7 % and Mexico City at 60.7 %.
In the United States, Miami leads with a 71.3 % increase, while Kansas City records 66.2 %, and other major metros such as Dallas, Philadelphia, and Houston each exceeded 40 % growth.
Even more modest performers — Vancouver with an 8.6 % rise and San Francisco with 2.9 % — started from considerably higher baselines, yet all markets posted gains.
For Saudi Arabia, awarded the 2034 World Cup in December 2024, this data arrives at a critical juncture. If the 2026 pattern persists — where the steepest appreciation occurs shortly after the announcement rather than in the tournament’s final months — the optimal investment window for property owners in Riyadh, Jeddah, Abha, and the broader Kingdom may already be narrowing.
A Distinct Kind of Host Nation
Comparisons between Saudi Arabia and the 2026 host nations have limits, as industry observers frequently note.
Oliver Morgan, partner and head of real‑estate at Deloitte Middle East, told Arab News that “the critical distinction is that 2026 host cities are largely passive recipients of tournament‑driven investment.”
He added: “Saudi Arabia is deliberately shaping its real‑estate transformation via Vision 2030, complemented by a portfolio of marquee events.”
Morgan noted that the residential market is projected to reach $164.85 billion in 2026, up from $154.61 billion in 2025, driven by the Riyadh Metro, the Green Riyadh initiative, and a schedule of major events including Expo 2030 and the ongoing Riyadh Seasons program. In his view, the World Cup serves as an amplifier rather than a catalyst.
This framing is crucial for investors. Rather than a single event driving a predictable appreciation cycle, Saudi Arabia’s market is being reshaped by a structural transformation program that spans multiple asset classes, cities, and decades. The tournament is the most visible milestone, not the entirety of the story.
Enness Global itself acknowledges this nuance, observing that major international events typically coincide with substantial infrastructure investment, urban regeneration, heightened global visibility, and increased inward investment — all of which can bolster long‑term property market performance.
Whether the World Cup causes price growth or simply arrives alongside the conditions that produce it may be a distinction without practical significance for investors.
The Cities Investors Should Watch
The Enness data conveys an underappreciated lesson beyond the headline average: the strongest performers among 2026 host nations were not the markets most observers focused on in 2018. Guadalajara and Kansas City were not the obvious choices at the time; Miami and Los Angeles were. Yet secondary cities outperformed.
Manar Mahmassani, co‑founder and co‑CEO of real‑estate investment platform Stake, sees clear parallels in the Saudi context. “Madinah, Alkhobar and Abha,” he said, when asked which markets investors are currently overlooking. “Riyadh has grown rapidly in recent years; however, the early‑entry window in other cities remains open.”
Her argument for each is anchored in concrete capital commitments. Madinah boasts over $53 billion in development pipeline, anchored by a $37 billion Public Investment Fund‑backed mega‑development slated to deliver 47,000 hotel rooms.
Alkhobar, a confirmed host city with a stable rental base anchored by Aramco employees, hosts a $2 billion mixed‑use development, a $1.3 billion PIF waterfront entertainment district, and 8,100 new homes under construction.
Abha, which will host matches at a new high‑altitude stadium, features a PIF‑backed mountain tourism destination at Soudah Peaks and over $440 million in mixed‑use developments underway, all at price points well below those of major cities.
“Alkhobar doesn’t receive enough attention,” Mahmassani said. “It is a confirmed host city with a stable rental base anchored by Aramco employees, and prices are a fraction of those in northern Riyadh — a gap that will eventually close.”
The Regulatory Landscape Has Fundamentally Changed
Perhaps the most significant development for international investors is unrelated to football. Saudi Arabia’s foreign‑ownership real‑estate law has now taken effect, permitting non‑Saudi nationals to own property for the first time.
“A market that was largely closed to international capital until this year,” Mahmassani said. “We are mobilized to benefit from this opportunity, as fractional ownership has been explicitly recognized in the Kingdom’s plans.”
For Deloitte’s Morgan, the regulatory environment is a feature rather than a constraint. Saudi Arabia has instituted rental freezes in Riyadh and structural policies governing international freehold ownership, which he describes as “stabilizers” designed to align with the volume of supply entering the market.
“Saudi Arabia is building regulated markets rather than tournament‑dependent ones,” he said. “This positions the Kingdom as a more mature, institutional‑grade investment destination than previous World Cup hosts.”
The comparison to Qatar is instructive. Lusail apartment rents fell sharply after the 2022 tournament, as supply built aggressively for event demand lacked the post‑tournament population to sustain it.
Saudi Arabia’s fundamentals are structurally distinct — a population of 38 million, an active urbanization narrative, and demand drivers that will persist beyond 2034 — but the lesson remains salient for market participants.
Oversupply is a risk that is under‑discussed, Mahmassani said. “Buy the fundamentals, not just the event.”
When Does the Window Close?
For investors seeking to calibrate timing, the 2026 data provides a benchmark. The most substantial appreciation across host cities occurred shortly after the tournament announcement, not in the run‑up to kick‑off.
Morgan framed the cycle in phases. Early‑stage investors through 2027 should concentrate on foundational infrastructure projects and secondary‑market positioning.
At the close of this decade, as Expo 2030 Riyadh approaches and tournament infrastructure nears completion, speculative capital will intensify, precisely when regulatory discipline becomes most critical.
“Investors should view the World Cup as a 10‑year transformation cycle, not a singular 2034 event,” he said.
Mahmassani’s holding strategy for retail investors is similarly long‑viewed: “Buy property that generates yield in a city with genuine demand, capture income during the World Cup preparation period, and view 2034 as an exit window rather than the ultimate payoff.”
The 44 % average recorded across the 2026 host cities since 2018 will not be replicated mechanically in Saudi Arabia. The markets differ, the regulatory environment differs, and the scale of Vision 2030 means the underlying forces are considerably larger than any single tournament.
But the underlying logic — that globally significant destinations reward investors who arrive before the crowds — holds equally well in Jeddah and Abha as it did in Guadalajara and Kansas City.
