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Saudi Opens Up the Housing Market To Foreigners

Middle East : 04 June 2010

Saudi Arabia is opening up its real estate market to foreigners and allowing them to buy homes in the Kingdom for the first time.

Expatriates, or foreign investors, will not be able to pick and choose the location of their house purchase though.  They will only be allowed to buy in one of the four new cities Saudi Arabia is building in order to provide much needed housing to a burgeoning population and to widen opportunities for the country to make money outside of the oil industry.

King Abdullah Economic City, where final construction costs are estimated at $27billion is the first place where non Saudi nationals will be able to buy.  The city will cover 65 square miles and have major companies located there. 

The Saudi housing market is expected to undergo double digit growth in the next few years, due to the growing population’s demand for housing and the finance for house purchases being made more easily available.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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