Makkah emerges as the foremost choice, attracting 30% of prospective investors, followed by Riyadh at 25% and Madinah at 19%. The average budget earmarked for properties in the holy cities stands at $4.7 million, with 40% of those considering Makkah willing to allocate upwards of $5 million. Notably, 48% of potential buyers in Makkah intend to use the property as their primary residence, underscoring a commitment beyond mere investment.
The allure of these cities is multifaceted. While 60% of respondents cite Saudi Arabia as a "good investment opportunity," 45% are driven by cultural and religious motivations. This sentiment is further amplified by the Saudi government's introduction of Premium Residency options, including property-ownership-linked visas, facilitating easier access for foreign investors.
Branded residences are particularly sought after, with 92% of surveyed HNWIs expressing interest in such properties within Makkah and Madinah. Approximately 45% are prepared to spend over $10,000 per square metre, reflecting a demand for luxury accommodations that blend modern amenities with spiritual proximity.
The Rua Al Madinah project exemplifies the kingdom's commitment to accommodating this burgeoning interest. Spearheaded by the Public Investment Fund, this initiative aims to construct 47,000 hotel rooms by 2030, enhancing Madinah's capacity to host up to 30 million Umrah pilgrims annually. The project is projected to contribute over $37 billion to Saudi Arabia's GDP and generate approximately 93,000 jobs.
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