The State Of Real Estate in Jeddah

When talking about the situation of real estate in Jeddah and in Saudi Arabia, oil and petrol make things become very pretty, expensive and well developed. Real estate in Jeddah is not only actively undermined, but it is also sold successfully. This country has been an important exporter of oil in the Middle East. Social security contributions and a high level of GDP negative impact on the local economy. As Saudi Arabia is famous for its very high real estate prices, the price of real estate in many cities, including Jeddah depends on the price of oil.

Buy real estate in the country

In Saudi Arabia, almost more than ten years and there is a law on real estate. This law allows foreigners to buy real estate in Saudi Arabia. However, this applies only to a number of non-residents, who reside permanently in the territory of that State. This change relates to the property that is acquired only in order to live in it. This rule applies in all SA and includes differences in many cities around the country, such as Jeddah, Al Madinah, Mecca and others.

Local investment Committee regulates the possibility of investing in real estate for business purposes. The aim in all of this is to buy a plot of land to sell; it is permitted only under the condition that the price of the land is more than six million euros (SR 23.753.900).

Rental property: Market review

In large cities such as Jeddah, rental housing spread more. These cities are Riyadh, Jeddah and the Holy Mecca and Medina. Compared to Arab countries, the level of prices, which is necessary to rent a House, is at a high level. The average rate for the month is about a year and a half or two thousand euros (SR 7.800).