Real Estate business is one of the biggest and thriving industries in the country of Saudi Arabia. Development of large portions of land is being undergone in different parts of the country. Saudi Arabia cities are rightfully gearing up to becoming the beacon of tomorrow’s metropolitan cities would look like.
That is why real estate professionals and other property managers working in Saudi Arabia are earning about 10 percent more compared to their own counterparts found in their neighboring countries in the Middle East. According to the latest study conducted by William Buck of the leading recruitment consultancy firm Macdonald & Company which specializes in property industry, the development of prime real estate properties which are now being turned into massive residential and commercial zones makes it possible for everyone involved in the real estate industry to earn more income.
Much of the recent developments in the real estate industry in Saudi Arabia are of course fueled by the robust and strong economy, huge revenues in the oiling industry, excess liquidity and of course the liberalization of all real estate and property laws.
Credits should go to the Saudi Arabian government by employing a diversified encompassing of its oil driven economy that generated a higher capital spending, add to that a complete and effective credit facilities and fund investing in real estate, the more construction goes on, and ultimately the demand for highly effective skilled professionals from other industry will also take place and that in return will bear a huge growth in the real estate sector as well.
These developments add to the tremendous amount of boom in the real estate industry, constructions on many sites provides jobs for a lot of skilled workers, after completion these projects becomes the home of a lot of multinational and local business that then raises the property prices of areas surrounding the newly developed area.
And these are continually happening all around Saudi Arabia. Lands are being purchased and developed and new zoning regions are being planned left and right either commercial, residential and industrial.
Under the new Saudi Arabian Law, foreigners are now entitled to allow a 100 percent ownership of real estate properties in the kingdom. This allows for a more influx of funds and investment into the country and helps further the development of real estate industry in the country. Also foreign owners can also sponsor their employees into the country and give them the opportunity to work and live in Saudi Arabia at the same time giving them the much needed time to learn the great culture and history of the country as well.
Although the 100 percent ownership law doesn’t applies to the holy cities of Madinah and Makkah. As to the rest of the country the new real estate law applies.
Over all, the real estate scenario in Saudi Arabia is looking great, with lots or promises especially in the next few years. As this upbeat prediction remains, expect Saudi Arabia to be the bastion of real estate development that can some way rival that of the real estate development in Dubai in the coming near future.