In Riyadh, the capital of Saudi Arabia, residential real estate prices rose by 60%. This jump in prices resulted from the Kingdom's decision to allow foreigners to invest in the local real estate market.

And, as stated in the report of a proprietary company called Realiste, this is the beginning: the country expects a large influx of foreign investment in real estate, especially from Russia, Britain, and the European Union.

A bit of context. In early 2023, Saudi authorities expanded the rights of foreigners to purchase real estate in the country, allowing them to acquire assets in all segments of the market. This decision is a continuation of the previous directive of 2021, which allowed foreigners and legal residents to purchase the same property under certain conditions.

Industry analysts see such measures by the authorities as a strategic component of Saudi Arabia's plan to diversify the economy. The goal is to encourage significant investment in non-oil industries.

It is reported that Saudi Arabia plans to invest about $575 billion in the development of eight new megacities, such as Neom, Qiddiya, the Red Sea Project, and Amaala. By the end of 2023, 100,000 new homes are to be built in Riyadh alone.