Could international money transfers to Saudi increase?

More people may consider making an international money transfer to Saudi Arabia as the country has relaxed its property laws.

According to the Overseas Property Professional (OPP), as of two months ago foreign property buyers have the option to own real estate in the country.

The King Abdullah Economic City is thought to be the first project to make use of these changes in the law.

Fahd Al-Rasheed, chief executive of Emaar Economic City, told Bloomberg: "This is the first freehold city in Saudi Arabia.

"A lot of people want to invest in the Saudi market and see it as a frontier for real estate investment because of the population explosion here."

People who are considering purchasing a property in the country could benefit from using a currency exchange broker to save them money of currency transfers.

Around two million people will be housed in the King Abdullah development, which, OPP reported, should be completed by 2025.

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Posted by Sarah Pitton