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Saudi Arabia is actively reshaping its real estate landscape, placing Makkah and Madinah at the forefront of its global investment ambitions. New legislation, approved in 2025 and effective from early 2026, aims to transform the sector by diversifying investment products and attracting major international companies.

Key reforms include updated regulations allowing non-Saudis to own property in the two holy cities, subject to specific controls. This move is expected to boost foreign capital, increase demand for residential and hospitality units, and broaden the investor base. Additionally, the Capital Market Authority now permits foreigners to invest in Saudi-listed companies holding real estate in Makkah and Madinah, aiming to enhance liquidity and support development near the holy sites.

These regulatory changes are complemented by significant infrastructure development. Crown Prince Mohammed bin Salman launched the "King Salman Gateway" project in Makkah, a 12 million square meter mixed-use destination adjacent to the Grand Mosque, featuring extensive residential and hotel units. The "Masar Destination" project in Makkah and the "Rua Al Madinah" project in Madinah are also expanding capacity with thousands of housing and hotel units, aligning with Saudi Vision 2030's goals to accommodate more pilgrims and establish the region as a hub for foreign capital.