Saudi Arabia has opened its doors to foreigners, granting them the opportunity to purchase property within the country. Currently undergoing its final review, this law aims to ignite a wave of investments that will surpass anything seen before. So, be ready for a surge of freehold opportunities throughout the Gulf region!
Closing the Supply-Demand Gap
Saudi Arabia has been grappling with a significant supply and demand gap that has caused real estate prices to skyrocket. To bridge this divide, the government is embarking on a $1.1 trillion initiative, with the aim of diversifying the economy by 2030. Over 4 million residential units and houses springing up, stimulating demand, and bringing economic balance. And to ensure affordability, the government is even teaming up with the private sector to prioritize affordable housing in Riyadh.
Transforming the Landscape
Saudi real estate sector is not just any ordinary player in the economic game. It is a powerhouse, contributing a whopping 5.1% to the GDP and 12.8% to the non-oil GDP. Now, imagine the impact! In a bid to foster growth and progress, the government has proposed amendments to foreign property ownership laws, actively seeking public input. These changes will shake up the current system and grant more access to development zones, Makkah, and Medina.
Future Prospects and Exciting Growth
According to experts at Deloitte, the real estate markets of Dubai and Saudi Arabia are poised for dazzling growth in 2023. The stage is set for a remarkable resurgence, particularly in residential sales. Investors are eagerly eyeing Riyadh and Dubai as alluring commercial hotspots, brimming with opportunities.
Stefan Burch, the head of Real Estate at Deloitte Middle East, firmly believes that as the world reopens post-pandemic, the Saudi real estate market will experience an exhilarating upward trajectory. Get ready, because 2023 promises to be a year of thrilling possibilities in the Saudi real estate sector.
