A $20,000 house in Makkan, the holy city of Mecca, may sound a bit too good to be true, but that’s exactly how some expatriated Muslim families get by.
It costs around $20 million to purchase a property in the city.
But with that price tag, expats can save an average of $2,300 a month, or more than $20 a day, according to the Global Financial Integrity Center, which is an advocacy group.
The center found that most expats in Makka, Saudi Arabia’s largest city, can expect to save $4,300 annually by living in their homes, including mortgage payments, rent, utilities, maintenance, insurance, and taxes.
The average annual cost of a single person in Makki is about $10,000, according the Center.
The group said expats are saving money because they can’t live in Saudi Arabia, where they are not legally allowed to live.
“There is an enormous demand for housing in Makkas and the country is rapidly growing,” said Abdul-Jalil, an expat from Makkassan, who is now based in London.
“But it is a luxury that many Saudis are willing to pay for.
In the past, housing was very expensive.
But now it is cheap.
It is also cheaper than living in the United States.
We don’t have to pay property taxes or any of the other costs that many people do in the U.S.”
The median home price in Makks, the countrys most populous city, is $1.8 million, according data from the World Bank.
That’s roughly $60,000 less than the median household income in the nation of Saudi Arabia.
The citys most affordable home, the Sultan Abdul Aziz Estate in the eastern suburbs of Makkak, is only $5.5 million.
It’s an expensive lifestyle, especially for expats, who must pay for transportation, security, and a variety of other expenses.
Expats who don’t want to pay a lot of money for their homes often stay in small apartments in Saudi cities, or rent them out, according in the Center’s study.
Expatriates in Makassan can earn around $7,000 per month, compared to the $8,500 average annual salary in Saudi.
“It’s a huge incentive for expatriation, because you don’t need to pay taxes, rent a house, or pay the other expenses,” Abdul-Aziz said.
The government also helps expats with the cost of utilities, insurance and other expenses in MakKas housing.
The Saudi Arabian government is offering incentives to expats to buy houses in Makakas housing market.
Some expats have even been offered money to live in the country, but so far, Abdul-Azzar said, no one has taken the offer.
The government says it plans to build 1,000 affordable housing units in Makaskas and Saudi Arabia by 2022, but the plan has yet to be approved by the country’s parliament.
“This is the biggest opportunity we have right now, because housing is becoming a luxury in Saudi,” said Abdullah al-Salimi, an expert on housing from the Saudi National University.
“People are not going to live here forever.”