If you are looking for a place to live abroad, Saudi Arabia may be the country to consider.
The Kingdom has issued a new premium visa, which has spurred on expats to buy property.
A new survey has found that 77 percent of Saudi-based expats are looking to purchase a place to live.
Arab News is reporting that the survey by global property consultant Knight Frank surveyed 241 expatriates and found that many consider property in the Kingdom to be a good investment.
Expats have also considered proximity to work and religious or cultural elements as favourable factors when deciding to invest in the country.
However, the survey also found that many are watching their budgets with only 9% of respondents willing to spend over $930 000 on property.
The survey also found that only 26 percent of respondents are looking to buy this year.
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About 44% are aiming for a purchase with the next year to 24 months.
Prospective homeowners have been warned not to wait too long as prices are expected to surge due to demand.
This is also part of Saudi Arabia’s 2030 vision where the Kingdom is looking for a 70 percent home ownership rate in six years’ time.
As part of this vision, millennials are being targeted with an emphasis on tourism and entertainment.
A wide array of cultural, sporting and arts events have been planned to make sure the Kingdom is the centre of the world’s attention.
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