Dubai's ambitious neighbor. Oleg Torbosov's business trip to Riyadh
We’ve already covered how Oleg Torbosov spent the first few days of his trip to Riyadh, where he explored real estate, the city, and market prospects. In addition, he had the chance to talk with local residents and gain a better understanding of their attitudes toward the city and the general mood there.
2 telling conversations with locals
During a tour, Oleg asked the guide:
“What do you think of the city?”
“I hate Riyadh,” replied a young woman who had married a foreigner and moved here with him. She also mentioned that the capital has parties, alcohol, and everything else.
The next conversation took place at Garage, a trendy startup accelerator located in the former royal garages. There are 16 companies there with Russian-speaking entrepreneurs.
The founder of an online stylist app said:
“Guys, build some decent housing here—all the apartments are so shabby. We’re forced to live in Dubai and fly here for lectures and meetings.”
“Do you live in Dubai, too?” Oleg asked.
“Yes, everyone who can afford it lives in Dubai.”
Average rental prices
Renting a one-bedroom apartment in a nice neighborhood will cost $40,000 a year. In an average neighborhood, it’s $15,000–$20,000. Taxi drivers hardly speak any English—keep this in mind when moving to or traveling in the country.
Riyadh’s Biggest Star
Oleg also managed to attend a soccer match featuring Cristiano Ronaldo, who is rightfully considered the city’s biggest star. The Portuguese player made a lot of mistakes, but still scored a goal, and the Abu Dhabi club won 5–1.
Arab hospitality
The Saudis seemed very hospitable. Everywhere you go, they treat you to chocolate and coffee, invite you over, go out of their way to please you, and believe in their country. Locals say you should visit Riyadh in 2030, when many mega-projects will be completed.
We’ll be watching with interest to see how the city develops. In the meantime, we advise property flippers to take a closer look at this market.