Saudi Arabia’s New Ownership Rules to Boost Foreign Demand in Makkah
Saudi Arabia’s recent move to allow non Saudis to own property in Makkah is due to boost foreign demand in Makkah, according to Masar CIO Tariq Sharaf.
January 30, 2026
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Saudi Arabia’s recent move to allow non Saudis to own property in Makkah is due to boost foreign demand in Makkah, according to Masar CIO Tariq Sharaf.
Retal Urban Development is set to establish a $160 million real estate fund to build a 28 floor Residential Tower in Makkah’s Masar Destination.
The Saudi PIF backed developer Umm Al Qura for Development and Construction is due to launch an IPO to support its much anticipated $26.6 billion MASAR Makkah project.
Saudi Arabia is planning to add 320,000 new hotel rooms by 2030 to support its tourism surge, aligning with Vision 2030 goals.
A fascinating report by the Global Property Consultancy Firm, Knight Frank has revealed demand for property ownership in The Holy Cities of Makkah and Madinah amongst Global Muslim High Net Worth Individuals.
Umm Al Qura who are the owners and developers of the new Masar Destination in Holy Makkah and who aim to create 24,000 hotel rooms have just signed an agreement with Scope Properties for the construction of residential towers in Makkah city at a total investment of $240 million. The agreement was signed on the sidelines of the first Cityscape Global exhibition in Riyadh.
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