Al-Madina Real Estate Booms with Foreign Ownership
Non-Saudis will now be able to own real estate in four Saudi cities: Riyadh, Jeddah, Mecca, and Medina, following the Saudi Cabinet's decision and the implementation of the executive regulations that specify the designated areas, permissible ownership percentages, and property rights. This decision is expected to boost activity in the real estate market, especially in Medina, which is less mature, with increased demand from investors and Muslim individuals near the two holy cities, in addition to institutional investors. The market is anticipated to experience gradual growth as foreign demand increases and regulatory frameworks develop, exerting a greater impact on Mecca and Medina. Riyadh is expected to remain a primary destination for foreigners, thanks to its economy and large-scale projects. There will likely be the development of globally competitive real estate products, with a bigger role for foreign investors and partnerships with local developers. It is estimated that the majority of initial demand will come from the two holy cities, before interest extends to other regions.
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