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The holy city of Makkah remains to be
one of the most traveled cities in the world. Every year thousands
of pilgrims flock to Makkah as well as Al-Madinah for various
religious rituals. For many who travel, seeking accommodation can be
a very daunting task, especially during the days of Ramadan and
Hajj. For the ones who can afford, they have always wondered and
wished about buying property in the holy cities to alleviate such
pains and to motivate them to make frequent trips to the holy
cities.
The
Saudi government seems to have made
certain concessions in offering
stake ownership in certain types of
Makkah real estate. Apartment
complexes for example have recently
been built that allow a "time share"
based model in which any one can buy
ownership in those apartments - from
a few days up to a whole year. Le
Meridien Hotel Towers is one such
apartment complex that offers
potential buyers the opportunity to
own apartments. It is also very
attractive for investors as it is
minutes away from the Haram Mosque
of Makkah.
Under
the timeshare business model a
company sells small slices of the
property to it's customers. This
concept has been frequently used for
many years in western countries and
after a careful scrutiny of sharia
laws, the sellers of such property
in Saudi-Arabia claim this to be a
perfectly legal method - both from
government and Islamic law
perspectives.
In
general, timeshare owners may elect
to:
-
Use their usage
time (from a few
days in a year
upto a whole
year)
-
Rent out their
owned usage to
others
-
Give it as a
gift
-
Resell their
ownership stake
to others
Under
this model offered in Makkah, people
will be able to own properties for a
few days of the year. This means
that timeshare owners will always
have that space available
specifically for them during the
year. Depending on the timeshare
model, owners pay a monthly fee to
own the stake in the property and
depending on the amount and the
timeshare slice, they can completely
own the property after they have
made all the payments for that
property and timeshare.
As
there are different models to
acquire real estate in Makkah, interested parties
should seek more details on the
program from the various real estate
companies offering these programs.
For more info write to info [at]
makkahproperties.com
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