The more than 300 apartments in Almajdiah Residence’s new Riyadh complex sold in just a month for cash, without the company even having to advertise.
This is Saudi Arabia, the world’s biggest exporter of oil, so it’s no surprise the property market is red-hot as income from a spike in energy prices flows through the economy.
But Almajdiah’s Chief Executive Officer Abdulsalam Almajed says the scramble for the 1 million riyal ($266,400) homes reflects something else, too: the social and economic shift that’s reshaping the kingdom, accelerated by the crown prince’s overhaul program.