A board member of Makkah Construction and Development Company, Ziad Bassam Al-Bassam, described the decision to allow non-Saudis to participate in real estate funds invested in Mecca and Medina, as it will bring positive drivers for the real estate market. .
In an interview with Al Arabiya, Al-Bassam expected mechanisms to be enacted to regulate the participation of non-Saudis in the sector, pointing out that the real estate sector would become the most promising investment destination for attracting investors from outside the Kingdom.
He pointed to estimates that the sector will witness a “different renaissance through the desire of various investors to enter in this market, especially after the one we witnessed two land auctions belonging to the Jabal Omar Company, in whose prices exceed expectations with values considered high, especially those found in the central areas of the two cities “.
He expressed the need to develop proprietary mechanisms through benefit options for a period of 99 years and others Options that will benefit both sides of the relationship in this market.
It is also expected that with “a good size of development projects in thearea central Mecca, the increase in demand can find a sort of balance with the expansion, by setting up suitable mechanisms for the entry of non-Saudi investors, and this will also have a good impact on prices “.
He recalled that the right to the benefit for a period of 99 years is granted to foreigners holding privileged residence permits within the Kingdom, and “we are in awaiting the issue of mechanisms that allow foreigners who may not have a privileged residence permit with this long-term property option. “
He described such an expected decision in how much it would affect acquisition operations and extend beyond financing and investment operations.
He warned that “the functioning mechanisms of the funds take time in arranging agreements and more mechanisms will have a positive impact on the real estate market in the two cities,” in especially for external investors “.
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