• Mon. May 20th, 2024

Saudi Arabia’s Housing Market to Skyrocket in the Next Ten Years, According to Property Developer

Onzine Articles News

ByOnzine Articles News

Jan 30, 2023

A real estate specialist told journalists that Saudi Arabia’s housing market might flourish in 10 years. It will drive investors to the Kingdom through the government’s multibillion-dollar economic initiatives such as NEOM.

Saudi Arabia Vision2030 Aims to Reduce Oil Addiction

With the help of its Vision2030 plan, the nation is attempting to refashion its economic system to prevent the country from oil addiction. This will be accomplished by investing money in alternative markets, such as the esports and video games industries, as well as the development of the utopian city NEOM.

The result of this might be an increase in the worth of the property investment market in the Kingdom. It could attract a large number of property developers to the country.

Realiste, a property technology business located in Dubai, was interviewed by Al Arabiya English. CEO Alex Galtsev has said investors looking to buy real estate realize that if somebody pledges to invest in the nation, it will increase.

He said that Saudi Arabia had great potential over the next ten years. Additionally, the following 10 years are projected to be the most prosperous period for the Saudi real estate industry.

According to the announcement made by the company on Tuesday, Investcorp Holdings is one of the world’s biggest asset managers in the Middle East. In the next five years, it plans to put up to $1 billion into the Saudi housing market. This is an indication that the Kingdom is already going to attract investors.

According to a statement released by the investor in Bahrain, which oversees more than $40B in assets, the company has already purchased a logistics center in Dammam. It is located in the eastern part of the country. It has discovered a further $100 m in possible acquisitions.

According to Galtsev, if you can invest Riyadh, for instance, buy ten to twenty apartments, and then walk away from it for 5 years, you will return to find that the value of your investment has increased by a factor of one hundred, two hundred, or even three hundred. He predicted an increase in the Kingdom’s real estate prices.

Since it originally revealed plans for the forthcoming NEOM in 2017. The government of Kingdome has pledged further investments of millions of dollars in the development.

In June, Saudi Crown Prince Mohammed bin Salman, who also serves as Chairman of NEOM, announced the “THE LINE” project. It will cost 500 million dollars and begin construction in NEOM. This urban community will comprise a total area of 34 square kilometers. It will be powered entirely by renewable sources of energy.

Saudi Arabia Plans to Invest $38 Billion in Video Game Companies

According to a report from the state-owned press agency SPA in September, Saudi Arabia plans to invest 142B riyals ($38 billion) in video game companies through the state-owned business Savvy Games Group. This will be one of several investments the country will make in the gaming and e-sports industries.

According to a survey of more than 140 publicly traded game firms that market analyst Newzoo conducted, revenue from the worldwide gaming industry would be anticipated to surpass $200B in the year 2022. Dubai, United Arab Emirates (UAE), is the current housing hotspot. It is not only in the area but also across the globe, with rents growing faster than earnings.

Onzine Articles News

Onzine Articles News

OnZine Articles main author - Max Haydon

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