Saudi Arabia comprises the greater part of the Arabian Peninsula. It is the largest country in the Middle East and also the world’s largest producer of oil with 25% of the planets oil reserves.
It is bordered on the north by Jordan and Iraq. In the east of Saudi Arabia there is a short coastline on The Gulf but there are land borders with the small Gulf states of Kuwait, Qatar, the United Arab Emirates and Oman.
With estimates of new housing requirements being upwards of 3 million units in the next five years, and demand for commercial space also increasing, the Saudi Arabia property market is an exciting market under development. The Saudi government is also focused on developing the tourism industry especially in the Red Sea coast of Saudi Arabia, and the long awaited Saudi Mortgage Law is now soon to be in action, helping to diversify sources of real estate investment.
Cementing its presence in the Middle East and adding to the already solid network in the region, throughout the UAE, Oman and Egypt, Hamptons International is set to open its first branch in Jeddah, Saudi Arabia. The new branch will add global property experience to the local knowledge of its expert Jeddah property team. The planned professional property services will include sales, leasing, property management, valuations and research studies.
Economy/currency: Saudi Riyal
Climate: Sunshine amounts are very large over most of Saudi Arabia, ranging from six to eight hours a day in winter to as much as twelve to thirteen in summer. In the mountains of Yemen and in the hills facing the Arabian Sea in Oman and Muscat, the period from June to September is much cloudier than elsewhere in Arabia, since the dominant southwest monsoon is very warm and moist; low clouds, drizzle, and light rain are frequent.
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For further information call +44 (0)20 3179 9900 or complete the enquiry form and one of our team will contact you.