84% of Wealthy Muslims Interested in Buying Properties in Makkah and Madinah
A new survey reveals that 84% of wealthy Muslims globally are interested in buying properties in Makkah and Madinah.
The study, conducted by British real estate firm Knight Frank, shows that 82% of wealthy Muslims are keen to invest in Saudi Arabia overall.
Wealthy Muslims with a net worth between $2 million and $3 million are particularly drawn to Makkah. Many see it as a desirable location for a home.
Nearly half (48%) of potential Makkah buyers plan to use their property as their primary residence. Around 40% have a budget exceeding $5 million.
The survey also found that 77% of expatriates wish to own homes in Saudi Arabia. Of these, 9% are ready to spend more than 3.5 million Saudi riyals. Additionally, 75% prefer homes in residential communities.
Saudi Arabia’s Booming Real Estate Sector
Saudi Arabia’s real estate market is thriving, diversifying the economy. So far this year, deals have exceeded 630 billion Saudi riyals, boosting over 60 other industries.
Minister of Municipalities and Housing Majid Al-Hogail shared these figures at the Cityscape exhibition in Riyadh. He also highlighted that the country has over 170 local and international real estate developers.
The real estate finance market is expected to grow to 1.3 trillion riyals by 2030. This growth signals a stable market and creates opportunities for competitive housing developments.
Real Estate and Tourism Drive Reforms
Real estate and tourism play key roles in Saudi Arabia’s Vision 2030 reform plan. Launched in 2016, the plan aims to modernize the country and diversify its economy.
Reforms include allowing women to drive and work, opening theatres, and relaxing restrictions on gender mingling in public. These changes are transforming Saudi Arabia into a more open and modern society.
