Top 6 reasons to invest in Saudi Arabia (KSA) real estate in 2024

Let’s take a look at six reasons why you should invest in the Saudi KSA market today at this very moment of a rising market. What is the Vision 2030 program? It is a program designed to partially free Saudi Arabia from dependence on natural resources. The program takes a huge number of steps to diversify the economy, build all the necessary infrastructure, develop health care, education, sports industry, and tourism industry.

Tourism industry

The development of the tourism industry is at the top of the list, let’s talk more about tourism and highlight this as the first reason why it is worth investing in the Saudi Arabian market.

Visa to Saudi Arabia

At the moment, getting into Saudi Arabia is as easy as possible. If we recall the history of a few years ago, it was virtually impossible. You either needed an invitation from a relative or you needed a Saudi citizen to vouch for you in order to come to Saudi Arabia as a tourist. Today, I was able to make my visa in a few minutes on an e-platform.

Hotels in Saudi Arabia

Of course, it’s the hotels. Hotels in Saudi Arabia are located in all major cities. These are big-name, well-known brands with the most classy infrastructure possible, standard five-star hotels.

Road construction

Construction of roads for communication between cities, construction of airports. Jeddah, for example, has the second largest port in the GCC and the thirty-sixth in the world. In principle, Jeddah has always been a definite hub, through which, for example, people used to get to Mecca.

Construction in KSA

Since we started talking about tourism, of course, we are gradually moving on to the second reason. Why is it worth investing in Saudi Arabia? It’s construction. Construction not only of tourist infrastructure, i.e. roads, hotels, ports, but of course it is the large-scale development of all cities in Saudi Arabia.

Major projects that are ahead of their time, ambitious, incredibly expensive. The construction of branded residences. Even now you can see the construction of residences like Four Seasons, Damac, Raffles, Shangri-La. All of this on the beachfront in Jeddah with frontal views of the Red Sea. For example, Lamborghini Tower will be built just a two-minute walk from the Red Sea with direct views and huge terraces over the Red Sea. Some residences will even feature swimming pools. Building hotels such as Seasons, which offer their guests and residences with the services and facilities of five-star hotels.

Giga-projects in Saudi Arabia

Well, of course, we are gradually moving on to the main construction projects in Saudi Arabia – these are the so-called giga-projects. What are giga-projects? Literally translated, they are gigantic projects that involve the creation of cities of the future, innovative construction, innovative technologies. Let us highlight the main major projects of Saudi Arabia.

Neom

Let’s start with neom (NEOM), which literally translates to “new future”. There are several parts to the neom project. It is a huge multi-story recumbent skyscraper 170 kilometers long, 500 meters high and 200 meters wide. It is a city of the future, operating according to netzero technology, that is, without exhaust fumes. Residents will move around the city without cars, on high-speed trains. It will take only 20 minutes to get from one end to the other. The construction goes through three climate zones: the sea, deserts and mountains.

Another project in neom is a huge industrial port that will take over all the responsibilities of the country’s main port. An even more interesting project is the one in the mountains, which will provide an opportunity for outdoor mountain sports. You can imagine, standing on the beach a few hours from Jeddah, it will be a real ski resort.

Red Sea

And now let’s talk about maritime destinations, this is Red Sea. And it is an ambitious project of 20,88,000 m². It will be located on 90 virgin islands in the Red Sea. There will be all tourist infrastructure, hotels of the highest level, residences, entertainment facilities. The construction is in full swing, now the first phase is under construction.

On the central embankment you can now see the construction of Four Seasons, a five-star hotel with residences. Of course, next we have the Raffles coming up. The houses, of course, the Lamborghini Tower is a swanky complex with frontal views of the Red Sea, with huge terraces, and some of the terraces will have their own private pools.

Diriyah

Continuing our conversation about giga projects. We focus our attention on master development. A few thousand square meters, and maximally integrated into the construction of residential areas. There is the preservation of infrastructure in Riyadh and in Jeddah, and perfectly integrated luxurious apartments and villas of a new format, a new style for Saudi Arabia. For example, the Diri project in the old part of the city, where there is a UNESCO-protected area. Here is a large-scale development with the integration of new housing into the existing ancient infrastructure, historical infrastructure. The project is also several thousand square meters in area, which will be built by 2028 and at the moment the construction of the first phases is underway. We were at the presentation of this project and it really expresses the consciousness of its scale and authenticity.

Qiddiya

And of course, we move on to the entertainment infrastructure of the Qiddiya project. This is an interesting direction. There will be construction of sports, entertainment infrastructure, sports arenas, cinemas, restaurants, parks for families and children. The maximum number of entertainment, sports and healthy projects in the location is concentrated. Literally 40 kilometers from Riyadh, it is said to be the future Disneyland, the future new Disneyland.

Sports and entertainment infrastructure

Now that we’ve started talking about entertainment infrastructure, let’s move on to the fourth reason why it’s worth investing in the Saudi economy today. Of course, it’s the development of sports and entertainment infrastructure. Saudi Arabia spends a tremendous amount of money to attract world athletes such as Ronaldo and Neymar. UFC competitions are held here, the best boxers are invited, as well as club soccer championships. In general, Saudi Arabia actively participates in world sporting events. Amazing race tracks are being built here. Saudi Arabia also wants to bid for Expo 2030, and I sincerely hope they succeed because the scale will be impressive.

Digital Transformation

Let’s move on to the fifth reason why Saudi Arabia is of maximum interest right now. Let’s call it digital transformation of the society and making digital platforms as convenient as possible. I have already talked about visa, it is the same electronic way of getting documents. You can register a company, renew or get any license in a few minutes. Artificial intelligence is actively used in construction, design and infrastructure development. This is a big step into the future.

Opportunity to buy real estate in Saudi Arabia for foreigners

And if we have already started talking about the possibility of starting a company, let’s move on to the sixth and final reason why you can already enter the Saudi Arabian market. The signing of the law on the possibility of foreigners to purchase real estate in Saudi Arabia and obtain residency. Under this law you can purchase real estate and obtain residency by contributing 213,000 dollars to the Saudi economy. This amount is non-refundable and is used by the country for economic purposes. Thus, you get exactly the same rights as residents of Saudi Arabia. You will be able to buy real estate, cars, start companies and much more.

There is also a second way, which is called “SP2” – it is getting a temporary residence (visa) for a year. It costs $26,600. Obtaining this residency also gives you the same rights as residents, but they will only be valid for one year. After one year, you can renew this license.

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