00:00The holiest site in Islam could be in line for a property boom.
00:04Saudi Arabia announced it will permit property buyers into its markets for the first time ever.
00:10The biggest beneficiary of this step could be the ancient city of Mecca.
00:14There are huge projects coming up in Mecca, like Massar, a $27 billion development with a promenade leading to the
00:22Grand Mosque.
00:23It will be lined by dozens of hotels, apartment buildings, offices, and retail outlets.
00:27And developers are already trying to get in.
00:30Developers say they are fielding investor calls from unexpected places like U.S. and Europe.
00:36And that's likely to heat up an already hot market.
00:39Prices in central Mecca are among the highest in the world.
00:42Some land plot can sell for over $80,000 per square meter.
00:47Some critics bemoan the city changing character.
00:51And others worry that new developments could drive up hash costs for pilgrims.
00:55But officials say adding supply and building vertically is the only way to keep costs from spiraling as the number
01:01of visitors climbs every year.
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