Saudi Investors Keen on Real Estate and Looking Abroad
Most investors in Saudi Arabia are committed to real estate as their main investment vehicle, but many are looking outside the Kingdom for opportunities in the property market. Some 85 percent of Saudi residents have invested in property at some stage, but over half of respondents are considering putting their cash into international real estate, the survey, by market research firm YouGov on behalf of British property developer Select Group, reveals. The Saudi Arabian Monetary Authority has warned investors of the “risky and speculative” nature of crypto-currencies such as Bitcoin.Despite cryptocurrency being in its relative infancy as an asset, 5 percent of respondents based in Saudi Arabia declared they have already spent over $500,000 in the digital currency, though investment levels collectively still trail far behind more traditional asset classes, such as real estate. The Saudi Arabian Monetary Authority has warned of the “risky and speculative” nature of crypto-currencies like Bitcoin, while welcoming blockchain as an innovative financial technology. Investors in Saudi Arabia and the UAE accounted for the highest proportion of the “very knowledgeable” category in the survey.In the wider Gulf, most investors looking at overseas property were interested in residential real estate (44 percent) with 27 percent eyeing commercial property. The UAE is the preferred market for 28 percent of GCC investors, with 16 percent interested in the US and 1 percent naming the UK as their preferred destination. Some 11 percent looked favourably on Turkish real estate.
Tags : INTERNATIONAL