Luxury real estate in Saudi Arabia

Saudi Arabia is a state on the Arabian Peninsula, washed by the waters of the Red Sea and the Persian Gulf. The capital is Riyadh, the official language is Arabic. The average temperature in summer is +27-40 degrees, in winter +10-20. The state ranks 12th in the world in terms of size. The volume of GDP is 834 billion dollars, 75% of the country's income comes from oil exports. Thanks to economic reforms, Saudi Arabia is ranked 17th in the World Competitiveness Index 2023. The country is implementing the state development strategy "Vision 2030", aimed at the country's leadership position on the world stage.
Locations where it is worth buying real estate

Riyadh. The capital is both a large and large financial center of the state. The headquarters of major global conglomerates are located here. In 2030, the city will host a large-scale exhibition "Expo 2030".
Mecca and Medina. Cities where pilgrims gather every year. The Medina is currently being actively developed.
The NEON project. The area of the innovative giga-city is more than 26 thousand square meters with a coastal area of 468 km. NEOM's budget is estimated at $500 billion. It is an eco-friendly project with no harmful emissions and 100% renewable energy consumption. A special economic zone operates on the territory.

Real estate investment potential

One of the key drivers of the country's economic growth is the right won by Saudi Arabia to host the World Exhibition Expo 2030. 7.8 billion dollars have been allocated for the implementation of the project and the construction of new infrastructure. In this regard, an active demand for real estate in the state is predicted. The expected return on investment in real estate can be 25%. The state has a stable currency, which is kept at the same level as the dirham.

Is it possible for Russians to buy real estate

Foreigners are not allowed to own property, but they can invest in construction. There are schemes for working through Saudi real estate funds – they create cells for Russian investors, having received confirmation from the Ministry of Finance. It is permissible to own real estate in the cities of Mecca and Medina on a long-term lease for 99 years. Changes in housing and investment legislation are expected in the near future, after which foreigners will be allowed to invest and buy real estate in Saudi Arabia.

Property taxes

The state does not provide for taxes on real estate.

Residence permit

Foreign investors can obtain a permanent residence permit – a "golden visa". To do this, you need to pay a one-time fee of about $ 213,300. An annual renewable visa is also allowed, for this a resident must have $ 26,600 in his account.