Makkah, Madinah Most Preferred Real Estate Destinations for Rich Muslims

Makkah al Mukarramah and Madinah al Munawwarah - the two holiest cities globally, are the most preferred real estate destinations to buy properties for wealthy Muslims from around the world, a latest survey has found

Makkah al Mukarramah and Madinah al Munawwarah - the two holiest cities globally, are the most preferred real estate destinations to buy properties for wealthy Muslims from around the world, a latest survey has found.

According to the survey conducted by London based Knight Frank, 84 per cent wealthy Muslims the real estate consultancy spoke to preferred buying home in Makkah or Madinah, while 82 per cent of them are likely to buy homes and properties in other cities of Saudi Arabia, Arabic daily Al-Eqtisadiah reported.

The global real estate consultancy and estate agency spoke to over 500 Muslims classified as High Net Worth Individuals (HNWIs) in as many as 09 countries.

Ground, Reason

The HNWIs are individuals with investable assets of at least $1 million. The survey also found religion as the basis of the preferred real estate choice.

“The fact that 84 per cent of global HNWIs interested in purchasing property in Saudi Arabia look to one of the Holy Cities underscores the demand for home ownership from outside the country,” said Faisal Durrani, one of the partners at Knight Frank.

Knight Frank also said the rich Muslims it surveyed together already own a total of over 2,250 homes with 29 per cent of them owning 3 to 4 properties in the holy city.

Saudi Real Estate Market Worth

The value of the real estate market in Saudi Arabia is expected to reach $2.1 trillion this year, according to Statista data, and the sector’s contribution to the country’s GDP is expected to rise to 10 per cent in 2030, according to Standard & Poor’s.

The survey results revealed that 48 per cent of those looking to buy a property in Makkah intend to use it as their primary residence.

Overall, Saudi Arabia is seen as a sound investment for wealthy individuals, with 60% of respondents noting that the country is a “good investment opportunity.”

A majority of wealthy home-buyers said they were looking to purchase homes in Saudi Arabia within the next two years, the Knight Frank survey said.

Follow ummid.com WhatsApp Channel for all the latest updates.

Select Language To Read in Urdu, Hindi, Marathi or Arabic.