diff --git a/backends/hostmem-file.c b/backends/hostmem-file.c
index 9b1b9f0a56..cd038024fa 100644
--- a/backends/hostmem-file.c
+++ b/backends/hostmem-file.c
@@ -39,6 +39,7 @@ file_backend_memory_alloc(HostMemoryBackend *backend, Error **errp)
                object_get_typename(OBJECT(backend)));
 #else
     HostMemoryBackendFile *fb = MEMORY_BACKEND_FILE(backend);
+    uint32_t ram_flags;
     gchar *name;
 
     if (!backend->size) {
@@ -51,11 +52,11 @@ file_backend_memory_alloc(HostMemoryBackend *backend, Error **errp)
     }
 
     name = host_memory_backend_get_name(backend);
-    memory_region_init_ram_from_file(&backend->mr, OBJECT(backend),
-                                     name,
-                                     backend->size, fb->align,
-                                     (backend->share ? RAM_SHARED : 0) |
-                                     (fb->is_pmem ? RAM_PMEM : 0),
+    ram_flags = backend->share ? RAM_SHARED : 0;
+    ram_flags |= backend->reserve ? 0 : RAM_NORESERVE;
+    ram_flags |= fb->is_pmem ? RAM_PMEM : 0;
+    memory_region_init_ram_from_file(&backend->mr, OBJECT(backend), name,
+                                     backend->size, fb->align, ram_flags,
                                      fb->mem_path, fb->readonly, errp);
     g_free(name);
 #endif
diff --git a/backends/hostmem-memfd.c b/backends/hostmem-memfd.c
index 3076da146d..3fc85c3db8 100644
--- a/backends/hostmem-memfd.c
+++ b/backends/hostmem-memfd.c
@@ -54,6 +54,7 @@ memfd_backend_memory_alloc(HostMemoryBackend *backend, Error **errp)
 
     name = host_memory_backend_get_name(backend);
     ram_flags = backend->share ? RAM_SHARED : 0;
+    ram_flags |= backend->reserve ? 0 : RAM_NORESERVE;
     memory_region_init_ram_from_fd(&backend->mr, OBJECT(backend), name,
                                    backend->size, ram_flags, fd, 0, errp);
     g_free(name);
diff --git a/backends/hostmem-ram.c b/backends/hostmem-ram.c
index 741e701062..b8e55cdbd0 100644
--- a/backends/hostmem-ram.c
+++ b/backends/hostmem-ram.c
@@ -29,6 +29,7 @@ ram_backend_memory_alloc(HostMemoryBackend *backend, Error **errp)
 
     name = host_memory_backend_get_name(backend);
     ram_flags = backend->share ? RAM_SHARED : 0;
+    ram_flags |= backend->reserve ? 0 : RAM_NORESERVE;
     memory_region_init_ram_flags_nomigrate(&backend->mr, OBJECT(backend), name,
                                            backend->size, ram_flags, errp);
     g_free(name);
diff --git a/backends/hostmem.c b/backends/hostmem.c
index aab3de8408..4c05862ed5 100644
--- a/backends/hostmem.c
+++ b/backends/hostmem.c
@@ -216,6 +216,11 @@ static void host_memory_backend_set_prealloc(Object *obj, bool value,
     Error *local_err = NULL;
     HostMemoryBackend *backend = MEMORY_BACKEND(obj);
 
+    if (!backend->reserve && value) {
+        error_setg(errp, "'prealloc=on' and 'reserve=off' are incompatible");
+        return;
+    }
+
     if (!host_memory_backend_mr_inited(backend)) {
         backend->prealloc = value;
         return;
@@ -267,6 +272,7 @@ static void host_memory_backend_init(Object *obj)
     /* TODO: convert access to globals to compat properties */
     backend->merge = machine_mem_merge(machine);
     backend->dump = machine_dump_guest_core(machine);
+    backend->reserve = true;
     backend->prealloc_threads = 1;
 }
 
@@ -425,6 +431,30 @@ static void host_memory_backend_set_share(Object *o, bool value, Error **errp)
     backend->share = value;
 }
 
+#ifdef CONFIG_LINUX
+static bool host_memory_backend_get_reserve(Object *o, Error **errp)
+{
+    HostMemoryBackend *backend = MEMORY_BACKEND(o);
+
+    return backend->reserve;
+}
+
+static void host_memory_backend_set_reserve(Object *o, bool value, Error **errp)
+{
+    HostMemoryBackend *backend = MEMORY_BACKEND(o);
+
+    if (host_memory_backend_mr_inited(backend)) {
+        error_setg(errp, "cannot change property value");
+        return;
+    }
+    if (backend->prealloc && !value) {
+        error_setg(errp, "'prealloc=on' and 'reserve=off' are incompatible");
+        return;
+    }
+    backend->reserve = value;
+}
+#endif /* CONFIG_LINUX */
+
 static bool
 host_memory_backend_get_use_canonical_path(Object *obj, Error **errp)
 {
@@ -493,6 +523,12 @@ host_memory_backend_class_init(ObjectClass *oc, void *data)
         host_memory_backend_get_share, host_memory_backend_set_share);
     object_class_property_set_description(oc, "share",
         "Mark the memory as private to QEMU or shared");
+#ifdef CONFIG_LINUX
+    object_class_property_add_bool(oc, "reserve",
+        host_memory_backend_get_reserve, host_memory_backend_set_reserve);
+    object_class_property_set_description(oc, "reserve",
+        "Reserve swap space (or huge pages) if applicable");
+#endif /* CONFIG_LINUX */
     /*
      * Do not delete/rename option. This option must be considered stable
      * (as if it didn't have the 'x-' prefix including deprecation period) as
diff --git a/include/sysemu/hostmem.h b/include/sysemu/hostmem.h
index df5644723a..9ff5c16963 100644
--- a/include/sysemu/hostmem.h
+++ b/include/sysemu/hostmem.h
@@ -64,7 +64,7 @@ struct HostMemoryBackend {
     /* protected */
     uint64_t size;
     bool merge, dump, use_canonical_path;
-    bool prealloc, is_mapped, share;
+    bool prealloc, is_mapped, share, reserve;
     uint32_t prealloc_threads;
     DECLARE_BITMAP(host_nodes, MAX_NODES + 1);
     HostMemPolicy policy;
diff --git a/qapi/qom.json b/qapi/qom.json
index f7ef30f940..652be317b8 100644
--- a/qapi/qom.json
+++ b/qapi/qom.json
@@ -545,6 +545,9 @@
 # @share: if false, the memory is private to QEMU; if true, it is shared
 #         (default: false)
 #
+# @reserve: if true, reserve swap space (or huge pages) if applicable
+#           (default: true) (since 6.1)
+#
 # @size: size of the memory region in bytes
 #
 # @x-use-canonical-path-for-ramblock-id: if true, the canoncial path is used
@@ -556,6 +559,12 @@
 #                                        false generally, but true for machine
 #                                        types <= 4.0)
 #
+# Note: prealloc=true and reserve=false cannot be set at the same time. With
+#       reserve=true, the behavior depends on the operating system: for example,
+#       Linux will not reserve swap space for shared file mappings --
+#       "not applicable". In contrast, reserve=false will bail out if it cannot
+#       be configured accordingly.
+#
 # Since: 2.1
 ##
 { 'struct': 'MemoryBackendProperties',
@@ -566,6 +575,7 @@
             '*prealloc': 'bool',
             '*prealloc-threads': 'uint32',
             '*share': 'bool',
+            '*reserve': 'bool',
             'size': 'size',
             '*x-use-canonical-path-for-ramblock-id': 'bool' } }