Survey: Indonesians and Turks prefer Mecca real estate… Jeddah attracts Iranians

A survey conducted by Knight Frank to divide targeted investment locations in Saudi Arabia by nationality showed that most Indonesians (45%), Pakistanis (43%), and Turks (42%) focus on Mecca, while the Saudi capital is highly desired by more. In addition, half (55%) of Algerian respondents are of high net worth. To wealthy Indians (43%). In stark contrast to all other groups of wealthy people, 67% of Iranians are interested in Jeddah, the gateway to the Red Sea.

The Knight Frank survey surveyed 506 high-net-worth individuals with a personal net worth of more than $500,000 (excluding the value of their primary home) from 9 countries with large Muslim populations (Algeria, India, Indonesia, Iraq, Iran, Malaysia, Pakistan, Singapore, and Turkey). They were surveyed about their real estate presence in the Kingdom of Saudi Arabia, with a particular focus on the holy cities of Mecca and Medina.

It is noteworthy that the “Distinguished Residency” status was determined last January, for 6 requirements for obtaining the “Real Estate Owner” residence, which are to own or benefit from real estate assets with a value of no less than 4 million Saudi riyals in the Kingdom, as well as that the property must not be mortgaged or mortgaged yet. This, in addition to the property not being owned or used through real estate financing, also the type of property must be residential only, in addition to the property being existing and not from developed or undeveloped lands, and finally a certified evaluation of the value of the real estate asset issued by accredited evaluators. The Saudi Authority for Certified Valuers has a “Taqeem”.

Among the requirements for obtaining a “property owner” residency are a valid passport, passing a medical examination, and having a regular residency permit for “residents of the Kingdom,” pointing out that the financial fee amounts to 4,000 riyals, paid once, to obtain a “property owner” residency.

The advantages of premium residency are granting premium residency to family members, as well as practicing commercial business, exemption from financial fees for expatriates and their companions, movement to and from the Kingdom without a visa, ownership of real estate, ease of moving between establishments without fees, as well as hosting and inviting relatives. The Distinctive Residency Center launched several distinctive residency products, namely (exceptional competence residency – talent residency – business investor residency – entrepreneur residency – property owner residency).