UK-based Cheval Collection plans to launch up to seven projects in Saudi Arabia over the next three years as the market opens up to foreign buyers.
“There is a lot of potential in Saudi [Arabia] because real estate laws are changing for the better,” the hospitality focused company's managing director, Mohammed Alawadhi, told The National at the Cityscape Global conference in Riyadh. “We are optimistic that we will be launching one [branded residence] project in the next year.”
The kingdom updated its rules this year. From January, it will allow foreigners to buy property in specific zones in Riyadh and Jeddah, with “special requirements” for home ownership in Makkah and Madinah.
It is also permitting foreign citizens to invest in publicly listed local companies that own property in Makkah and Madinah, as the kingdom seeks to attract more international investment.
Cheval this week launched its second project in Riyadh in partnership with Saudi-based Ladun Investment Company.
Cheval Maison – Sulaymaniya, a hotel apartments project close to King Salman Park, will have 150 units
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