Property in Saudi Arabia!
W-Salam Sister,
According to the revised laws (2003) you can purchase property in Saudi Arabia with the following conditions:
1) Commercial Property: You need to have a 50% partnership with a Saudi National
2) Residential Property: You need to have a viable and secure source of income
1 is fraught with dangers as there are hundreds and hundreds of examples
where people have done so with only to have their money eaten up!
Furthermore your bank accounts are regularly frozen and assets regularly confiscated in Saudia. Bureaucracy is bad and red tape is everywhere! I am sure that anyone who has gone for Hajj/Umrah knows that!
2 is hard as there is so much bureaucracy involved that you will have to wait forever.
So no one with financial prudence and a right mind will attempt such a thing in Saudia. The best option is to get a job and just rent like other millions of EX-PATS!
Residential property prices are as follows for a typical 3 bedroom house (mid-range), this is my take and estimates are about 1 1/2 year old:
• Jeddah: 300,000 SAR
• Riyadh: 250,000 SAR (Rent is about 30,000/35,000 SAR yearly)
• Dammam: 200,00 SAR
• Makkah: 450,000 SAR +
• Madina: 450,000 SAR +
Please use the currency converter here to convert:
http://finance.yahoo.com/currency
Yes race does matter and if you are Bangali then you got no chance!
:salam2:
Does anyone know how much do properties cost in Saudi Arabia???? (I think Saudi Arabia is the best place to buy a property,It will be wonderful......)
Inshallah I will love to save up and buy a property down there.... (Lol that will take some time......)
It will be so nice unlike out here you have to search for halal and haram ingredients..but everything there should be halal.