At least 84 percent of wealthy Muslims around the world are interested in buying properties in the cities of Makkah and Madinah.
According to the Arabic daily Al-Eqtisadiah, citing a new research done by the British real estate business Knight Frank, 82 percent of them want to buy in the Kingdom of Saudi Arabia (KSA) in general.
The survey indicates that the wealthy Muslims with a net worth between 2 million dollars and 3 million dollars are reportedly interested in purchasing a home in Makkah.
48 percent of Makkah property buyers plan to use it as their primary residence, with 40 percent having a budget exceeding 5 million dollars.
The survey shows that 77 percent of expatriates desire to own a home in Saudi Arabia, with 9 percent willing to spend over 3.5 million Saudi riyals, and 75 percent interested in purchasing in a residential community.
Saudi Arabia’s real estate sector has significantly diversified the economy, with deals exceeding 630 billion Saudi ryals since the start of this year, stimulating over 60 additional sectors, according to Minister of Municipalities and Housing Majid Al-Hogail.
During the ongoing Cityscape exhibition in Riyadh, he revealed that Saudi Arabia has over 170 local and international real estate developers.
The real estate finance market is predicted to reach 1.3 trillion riyals by 2030, indicating market stability and attracting developers for competitive housing options.
Real estate and tourism are essential components of Saudi Arabia’s reform program, which began in 2016 with the goal of modernising a once-closed society by allowing women to drive and work, opening theatres, and repealing laws against gender mingling in public spaces.
