UAE, GCC: Opening up of Saudi property market for expats to give a fillip to hospitality, tourism projects as well

  • Date: 15-May-2023
  • Source: Khaleej Times
  • Sector:Real Estate
  • Country:UAE
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UAE, GCC: Opening up of Saudi property market for expats to give a fillip to hospitality, tourism projects as well

The kingdom offering freehold property to expats is a win-win game for the region

Published: Mon 15 May 2023, 10:31 AM Last updated: Mon 15 May 2023, 11:31 AM

Competition in the Gulf property sector is set to heat up, with the region’s largest economy, Saudi Arabia, gearing up to open its property market for foreign investors, including its religious cities Makkah and Madinah.

Property market pundits say that the opening of the Saudi market will not only provide another attractive and stable avenue for foreign investors, similar to the UAE, but this will also be an opportunity for regional and global developers to expand their portfolio to the region, where the return on investment is much higher than many other major countries which have reached the maturity level.

The regional residential property market is already facing a shortage of homes, which will also attract more investment and will lift the prices as well. According to Statista, led by Saudi Arabia, the GCC countries were short of over 6 million housing units by 2022.

Currently, the UAE, a pioneer in introducing freehold property in the Gulf, leads the region in terms of the offerings of freehold properties. Dubai allows people of any nationality to buy