Two parallel tracks define the economic landscape in Mecca, both shining brightly. The first is the emergence of unprecedented giant developmental projects in the history of the world’s Qibla and the Mother of Cities, represented by the growth of hotel towers in the Masar Mecca project, or the 100 billion riyal destination. The second track is the emergence of large ready-to-develop real estate areas that were previously random, uninvested complexes in terms of location and space.

On the other hand, the results of a field study conducted by an international real estate company revealed the trends and preferences of citizens and residents in selecting preferred cities for ownership. It showed that 92% of the study sample plan to buy and own property in the two holy cities, Mecca and Medina. The study indicated that the real estate sector in the Kingdom will witness a significant boom, with a large percentage of the world’s wealthy planning to invest an estimated 7.5 billion riyals over the next two years in Mecca and Medina. The study concluded that the rising demand for housing in Mecca and Medina by the global wealthy category is a key driver of real estate demand.

The study, reviewed by Al Riyadh as an opinion poll, showed that the demand for ownership and housing in Mecca among Saudi cities represents 30%, the highest rate, while Medina’s housing demand was estimated at 19%, ranking third after Riyadh, which came second with 25%, and Jeddah came fourth with 14%.

In the same direction, the Masar Mecca project, with a massive area exceeding 1,200 million square meters, includes 82 classified hotels and is expected to provide more than 13,000 residential units. It is the largest developmental and investment project offering organized housing options supported by a series of quality services close to the central area.

Meanwhile, major real estate companies investing in Masar Mecca have begun offering real estate products within the project’s scope. The offerings include studio apartments and hotel rooms for sale, furnished, with areas ranging from 72 to 82 square meters for one-bedroom and living room units, and from 94 to 131 square meters for two-bedroom and living room units. Prices start from 2.6 million riyals to 4.7 million riyals in hotel towers that include three basement levels for parking, two floors of commercial exhibitions with 12 commercial galleries, three floors of parking for commercial exhibitions, a service floor for owners, a health club, a sports club, and multiple floors ranging from 18 to 23. Specialized sources estimated the investment return between 6% and 7%. Masar Mecca is an integrated investment system implemented with the highest standards of global destination development, with a developmental and investment vision that increases the volume of investment requests from major hotel companies and real estate developers.