Wealthy Muslims Plan $2 Billion Real Estate Investment in Saudi Holy Cities

Survey by Knight Frank found high-net-worth Muslims plan to invest $2 billion in real estate in Makkah and Madinah
Changes to foreign ownership laws in Saudi Arabia expected to draw more international investment
84% of surveyed high-net-worth individuals interested in owning property in the holy cities
Average budget allocated was $4.7 million; total allocation by respondents was $2 billion
Opportunity exists for luxury, branded residences due to scarcity in holy cities and willingness to pay high prices