Recent visa and policy reforms in the Kingdom of Saudi Arabia have ignited a wave of investments by high-net-worth individuals (HNWIs) worldwide, in the holy cities of Makkah and Madinah, transforming them into attractive destinations for global property investors.
The introduction of the Saudi Premium Residency visa has been one of the major reasons for this change allowing affluent investors long-term residency and privileges in the kingdom. This initiative has sparked heightened interest in real estate opportunities in Makkah and Madinah, driven by the profound religious significance these cities hold for Muslims worldwide.
Experts anticipate a significant impact on investment flows in the real estate markets of Makkah and Madinah. Multiple factors fuel these investments including proximity to religious sites, potential business opportunities with new reforms and development initiatives, population growth and urbanization. The desire to own property close to the holy ground and accessibility and views of the Grand Mosques are key factors as well. , fueled by factors such as the inherent desirability of owning property in these holy cities, especially during Ramadan. Additionally, rapid population growth, urbanization, and the desire for proximity to religious sites are driving demand for homeownership.
With upcoming milestones like Saudi Vision 2030 and proposed property ownership regulations, these cities are transitioning into global investment and lifestyle destinations, fueled by religious tourism, incentives, and infrastructure development.
Source: Arabian Business: https://www.arabianbusiness.com/industries/real-estate/saudi-real-estate-influx-in-global-muslim-hnwis-makkah-madinah-property-investments-on-major-visa-policy-reforms
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