Up until now investments to the real estate markets of the Two Holy Cities were limited to Saudis but now the doors have been thrown open for non-Saudis too as per a statement by the Capital Markets Authority.
The Saudi Capital Market Authority allows the participation of non-Saudis in real estate funds invested within the boundaries of the cities of #Makkah and #Madinah. https://t.co/gLlgbzQ9mj pic.twitter.com/aSySxLIF8q
— هيئة تطوير منطقة المدينة (@MadinaAuthority) November 8, 2021
This is amazing news for those who’ve always wanted to invest in the ever-lucrative real estate markets of Makkah and Madinah.
This suggests that non-Saudi investors can perhaps invest in dedicated Real Estate Investment Trusts (REITs) which primarily invest in real estate in the Two Holy Cities. However, it is not clear when this rule will be applicable as at the time of writing this article we tried purchasing shares of the Jadwa Haramain REIT fund that exclusively deals with properties in Makkah and Madinah on the Saudi stock exchange but the buy order was not accepted.
We will keep you posted on what kind of funds and investments non-Saudis will be allowed to invest in as more info comes to the foray. So keep watching this space.