Saudi Arabia is reportedly experiencing a boost in demand for real estate due to a steadily growing population and a rise in tourism . In addition to these factors , this report claims that the dynamics of the market may be changed substantially , through the implementation of a rule that imposes fees on undeveloped or white land within city boundaries , which will encourage more residential development . However , the market is still likely to be focussed around a relatively small group of high net worth individuals , and although the current regime aims to make the housing market more accessible for the average buyer , these attempts are likely to face significant challenges , and do not have much chance of success in the short term .
Saudi Arabia is reportedly experiencing a boost in demand for real estate due to a steadily growing population and a rise in tourism. In addition to these factors, this report claims that the dynamics of the market may be changed substantially, through the implementation of a rule that imposes fees on undeveloped or white land within city boundaries, which will encourage more property development. However, the market is still said to be focussed around a relatively small group of high net worth individuals, and although the current regime aims to make the housing market more accessible for the average buyer, these attempts are likely to face significant obstacles, and do not have much chance of success in the short term.