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.
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