In light of the urban expansion witnessed by Riyadh, the concept of New Neighborhood Development has emerged within the activities of the real estate sector associated with urban development, within the framework of the Kingdom's Vision 2030. Urban planning is no longer limited to the provision of housing units, but aims to create new integrated neighborhoods that combine housing, services and infrastructure to improve the quality of life while supporting the growth of the real estate sector in the Kingdom.

New neighborhood development is one of the concepts of urban planning, which means creating a complete neighborhood from scratch, so that it is ready to live, work and recreate to achieve well-being, and includes residential and commercial facilities such as markets, parks, health centers and services in general that ensure the comfort and well-being of residents. The development of new neighborhoods achieves multiple benefits for residents, most notably easy access to services, which achieves stability and well-being and improves the quality of life, and is not limited to the comfort of residents, but extends to providing new job opportunities that support the economic stability of the population.

The development of new neighborhoods comes as one of the activities that support real estate activity, because it creates many opportunities such as buying and renting, whether for homes or shops, as each integrated neighborhood increases real estate opportunities and makes them attractive to investors and buyers.

The New Square project launched by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, in 2023 is a prominent example of this, which is one of the targets of Vision 2030, which has a role in creating job opportunities, stimulating economic movement and enhancing real estate value in the surrounding areas.