Mekke geliştiricisi 400 konutu satışa çıkardı following Suudi Arabistan's regulatory ease

Jabal Omar Development Company, one of Suudi Arabistan's leading real estate developers, is preparing to put hundreds of serviced apartments in its flagship Mekke project up for sale following the relaxation of foreign ownership rules. The company stated that it took this strategic step with the aim of attracting overseas buyers in particular. In the first phase, 400 serviced apartments will be sold this year, and the revenue generated from this will be used to reduce the company's existing debts. The announcement was shared with the public through a detailed statement officially reported by the company to the Suudi Borsası (Saudi Exchange). This step, taken to increase foreign investors' interest in the region, is considered an important part of the new era in the country's real estate sector. Once the contracts are completed, a significant recovery is expected in both the company's cash flow and profitability margins.

In the later stages of the project, the company plans to focus on significantly increasing the number of serviced apartments. In this regard, active advantage will be taken of the 'off-plan' sales method, which means the pre-sale of residential properties still under construction. The company's management stated that they expect this strategic move to significantly increase profitability by reducing financing costs and minimizing necessary capital investments. Jabal Omar's extensive real estate portfolio currently includes over 6,500 hotel rooms and suites. This rich portfolio solidifies the company's strong position in the accommodation and tourism sector in the region. With the sale of these serviced apartments, the portfolio will be diversified, and the company will aim to create a new revenue stream.

During the past week, the Gayrimenkul Genel Otoritesi (Rega) announced that non-Saudi individuals residing in the kingdom can directly apply to purchase properties using their residency numbers. It was emphasized that these processes will be subject to the completion of current legal and administrative regulations, and the process will proceed transparently. Relevant applications will be carried out electronically through the 'Saudi Properties' portal, established by official authorities. This portal, which was launched in Aralık 2025, serves as the official and single channel for foreign nationals to acquire real estate. Rega stated that this digital platform also enables foreigners wishing to own property in the country to easily access the essential information they need. This innovative system aims to significantly alleviate bureaucratic processes for foreign investors.

Property acquisition in Mekke and Medine, the holiest cities of İslam, is restricted to Saudi citizen companies and Muslim individuals residing inside or outside the kingdom. This special status is seen as a reflection of historical and religious policies aimed at preserving the management and demographic structure of the holy cities. In addition, Suudi Arabistan decided at the end of aralık 2025 to grant lifetime residency permits to foreigners purchasing properties exceeding a certain value threshold. This incentive element aims to seriously increase the interest of high-income international investors in the country. These new opportunities and residency advantages for foreigners are among the most important elements strengthening the real estate leg of the vision to diversify the Suudi economy. Through this, the kingdom will be able to both attract new foreign capital and break the stagnation in the real estate market.

Looking at the economic data, it is seen that Jabar Omar Development Company experienced a significant 88 percent drop in its net profit in the first quarter of 2026 compared to the same period last year. While the company's net profit was realized at the level of 117 million Suudi Riyali (approximately 31 million dollars), its revenues decreased slightly by 1 percent to 739 million Riyal. However, the company's debt stock at the end of the first quarter decreased by 2 percent compared to a year ago, stabilizing at the level of 9.2 billion Riyal. In light of these positive developments, the company's shares gained 0.8 percent in value on the Suudi Borsası on Monday, trading at 15.03 Riyal. Furthermore, it was reported that the total increase in the company's share value since the beginning of the year hovered around 2 percent. These data show that investors have confidence in the company's new sales strategies and its recovery potential in the upcoming period.