Thinking of buying land in Mecca? Do you own a bank?
Arab News reports that a square meter of land near the Grand Mosque can now cost as much as SR1.5 million (US $400K).
With that kind of money in play, is there any question that historic preservation takes a vastly distant place in the minds of developers?
A square meter of land in Makkah now costs SR 1.5 million
JEDDAH: ARAB NEWS
Investors may have to pay a whopping SR 2 million for a square meter of land in the central zone around Makkah by the end of 2013, said chairman of the real estate committee at the Makkah Chamber of Commerce and Industry Mansour Abu Rayash.
Prices ranged between SR 500,000 and SR 1.5 million in 2012. A square meter in a strategic area in Japan is about $ 100,000, seven times cheaper than Makkah, he was quoted as saying in Al-Sharq newspaper.
“Real estate investments rose to 45 percent in Makkah alone while the rest of the country’s regions accounted for the remaining 55 percent,” he said, adding that the percentage would increase to more than 50 percent in 2013.