Oil fuels Saudi real estate market boom
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The Kingdom of Saudi Arabia is in the midst of a real estate boom. Riyadh, the capital and Mecca, the most sacred city in Islam, have experienced the highest of house price increases.
In the first half of 2008, several analysts estimate that real estate prices in Riyadh rose 40% - 90% from a year earlier. The price of land in the capital ranges from SAR400 (US$107) per sq. m. to SAR4,000 (USS1,067) per sq. m. This is significantly higher compared to only SAR156 (US$42) per sq. m. five years ago.
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