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The Hajj in Saudi Arabia heralds new opportunities in the real estate market
Jun 20, 2024
by Internet
Abstract : Saudi Arabia's real estate market is entering a new growth phase, driven by regulatory reforms that are expected to boost demand in Mecca and Medina, injecting fresh vitality and opportunities into the market.

The General Authority for Statistics (GASTAT) announced that over 1.83 million Muslims participated in the Hajj pilgrimage in 2024. This religious event, held amidst ongoing attacks in Gaza by Israel, underscores the power of faith and peace.

Hajj, one of the Five Pillars of Islam, requires Muslims to perform pilgrimage at least once in their lifetime. This year, 1,833,164 pilgrims participated, including 1,611,310 international pilgrims from outside the Kingdom of Saudi Arabia and 221,854 domestic pilgrims (including Saudi citizens and residents).

International pilgrims comprised 22.3% from Arab countries, 63.3% from non-Arab Asian countries, 11.3% from non-Arab African countries, and 3.2% from Europe, the Americas, Australia, and other regions.


The majority of international pilgrims (approximately 1,546,345 individuals) arrived in Mecca by air, with a smaller number entering through land border crossings (60,251 individuals) and sea routes (4,714 individuals).

Simultaneously, a survey by Knight Frank indicates that Saudi Arabia's real estate market is attracting high-net-worth Muslim investors. The survey revealed that 92% of surveyed high-net-worth individuals plan to purchase branded residential units in Mecca or Medina.


Vera Zabelina, Research Analyst at Knight Frank, commented, "Mecca and Medina are among the most desired real estate destinations for global high-net-worth individuals. These cities not only offer residential opportunities in Saudi Arabia but also the chance to reside in some of Islam's most important holy sites."

Saudi Arabia's real estate market is opening more opportunities for foreign investors, especially with new premium residency visa options linked to property ownership. These policy reforms are prompting wealthy Muslims globally to consider long-term investments in Mecca and Medina.

The implementation of Saudi Vision 2030 is accelerating the development of Mecca and Medina as global investment and lifestyle destinations. These cities hold significant religious and cultural importance and serve as places for personal religious beliefs and spiritual pursuits.

Selected articles
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