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When investing in real estate in the region and internationally it is imperative to work alongside an advisor that not only has expert knowledge of local markets, but one that is continuously abreast of factors affecting property investments globally. Welcome to Real Estate Saudi.
Search land for sale in your local area by price, amenities, or other features. We’ll show you the sales history and provide helpful advice.
Search land for sale in your local area by price, amenities, or other features. We’ll show you the sales history and provide helpful advice.
With deals worth more than SR10 billion ($2.66 billion) completed on the first day of the Real Estate Future Forum, which was held in Riyadh from January 23–25, 2023 got off to a strong start for the real estate sector. The positive start to the year follows a PwC Middle East report released in December that acknowledged the Kingdom has transformed its housing sector over the previous ten years with remarkable success.
According to the report, the government’s strong policies and initiatives, which include the activation of several finance products, are driving the sector forward, tackling the major housing market difficulties, and enabling new generations of Saudis to own homes. Faisal Durrani, head of Middle East research at international real estate consultant Knight Frank, reiterated the optimism. “We are tracking nearly 555,000 residential units that are due to be delivered around the Kingdom by 2030, with Riyadh alone set to see an additional 200,000 homes as the Saudi capital gears up for a 127 percent rise in its population to 17 million by the end of the decade,” he said in an interview with Arab News. Despite the quantity of new homes planned, he did offer a warning: “We predict a national deficit of roughly 1.5 million units. The catch, of course, is creating adequate supply to meet the extraordinarily high levels of present and future demand. With such expansion planned, it is not surprise that investors are quite interested in the market as they attempt to take advantage of the Kingdom’s real estate market’s promising future. For instance, Bahrain-based Investcorp declared earlier in January that it would spend up to $1 billion on Saudi real estate over the following five years. According to Yusef Al Yusef, Investcorp’s regional head of private wealth in the GCC, “Real Estate Saudi market has been undergoing a rapid transformation as the Kingdom’s appetite for mega projects and economic prosperity grows under the Vision 2030 agenda,” Arab News reported.
According to local media, the Saudi Arabian government has confirmed that foreigners will be able to buy real estate anywhere in the country.
According to Abdullah Alhammad, the head of the Real Estate General Authority of the Kingdom, a new framework for foreign ownership of real estate is currently being established. According to the Arabic daily Okaz, the remark on foreign ownership of real estate in the Kingdom was made during a television interview on the Gulf Rotana channel. This follows a decree that Saudi Arabia made in 2021 enabling foreigners and legitimate residents of the country to buy a single property under specific restrictions.
It is said that foreigners will be allowed to buy all types of real estate, including industrial, residential, and agricultural assets. In Makkah and Madinah, ownership is also said to be permitted under the system. Al-Hamad was cited as adding that the rule would go into force “soon,” albeit the exact date was unclear.
The Kingdom’s most recent action may provide foreign and international investors looking for more favorable investment climates outside of established markets—including the UAE—with fresh options.
This comes after Saudi Arabia issued a directive in 2021 allowing foreigners and legal residents of the country to purchase a single property with certain conditions. Foreigners will reportedly be able to purchase real estate of all kinds, including commercial, residential and agricultural properties.
Saudi Arabia has a strong and stable economy, with low debt levels, a large GDP, and significant oil reserves. The country has made significant progress in diversifying its economy away from oil, with a focus on sectors such as finance, healthcare, and tourism. This presents opportunities for investors looking to diversify their portfolio across different sectors and industries.
It’s important to note that Riyadh offers a high standard of living. Riyadh offers first-rate amenities and services that make life incredibly comfortable behind its safe gated enclaves. You may find anything in Riyadh, including swimming pools, gyms, spas, and a variety of family-friendly entertainment venues. Above that, there are specific areas where women can dress more freely without encountering any men, such the level that is solely for women in the Al Mamlaka Tower. It’s challenging to combine security and entertainment, but Riyadh does it expertly! The calm life in Madinah is almost the exact opposite; by renting a home from Properties for Rent in Madinah, you may immerse yourself in your religion and take in the welcoming city that embraced Prophet Muhammad and his message more than 1400 years ago! Regarding Riyadh’s infrastructure, it is being created with a 2030 vision that will undoubtedly elevate Riyadh to a whole new level and put it in direct competition with Dubai. A summit aimed at promoting Saudi Arabia’s 2030 vision will take place in Riyadh on September 20, 2023. Searching for apartments to rent in Saudi Arabia is a terrific idea if you want to go to this big event.
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