Gulf Developers Eyeing Saudi Real Estate Boom

Saudi Arabia is aggressively courting foreign investment in its real estate market, creating significant opportunities for developers from the UAE and beyond. The launch of projects like the Trump Tower in Jeddah, alongside legislative changes, signals a strong interest from international investors. This surge in interest is fueled by the Saudi government's strategic initiatives to boost the real estate sector and align with global standards.

Key developments driving this growth include the recent law allowing foreign ownership of property and the increase of the "White Land Tax" to 10%. The tax hike incentivizes landowners to develop their holdings, addressing the high demand for new housing. This is further supported by the Saudi Vision 2030 plan, which is driving urban transformation and attracting both local and international developers.

The impact of these policies is evident in rising land values across major cities such as Riyadh and Jeddah, as well as areas surrounding giga-projects like NEOM and Diriyah. Prime development zones are seeing land prices soar, reflecting increased demand and investor confidence. Coastal areas near projects like Amaala and The Red Sea Project have also experienced significant valuation increases.

These changes are expected to stimulate market activity, attract further foreign investment, and drive demand for premium properties. This will create jobs, foster innovation, and support sustainable urban growth, ultimately benefiting the Saudi economy.