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'Real estate markets in the holy cities remains buoyant'

02 Jan 2009

'Real estate markets in the holy cities remains buoyant'
The real estate markets in Makkah and Madinnah in Saudi Arabia are to remain buoyant during 2009, despite the effects of the global financial crisis, one business expert has claimed.

According to real estate consultancy Alpha1Estates International, the two holy cities have an inelastic Muslim market place supported by significant public and private sector investment in infrastructure.

The company said that real estate investment in the two cities accounts for 40 per cent of the total investment in property within Saudi Arabia, a figure which is supported by prices being between $70,000 and $110,000 per square metre.

Talal Mahmood Malik al-Alawi, chief executive officer of Alpha1Estates International, said: "But even in this most cherished of spiritual investments, there are sound financial reasons to invest in future living in Makkah al-Mukarramah and al-Madinah al-Munawwarah, particularly during the global financial crisis."

Meanwhile, the work on real estate in the King Abdullah Economic City in Saudi Arabia is due to be completed during the first quarter of 2009.
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