The founder ARTIFEX Work Investors Team Write to us
Multi-use hospitality building in Madinah, design stage
For investors · ARTIFEX GROUP

You are looking at a market you do not live in.

Everyone will show you renders. Almost nobody will show you the reasoning underneath them — what the plot can actually hold, what the building costs to run once it opens, and which questions are still open. That reasoning is what this page is for. It is also all we are offering: no yield, no guarantee, no forecast dressed up as a fact.

01 — Before anyone signs

What an investor actually gets.

Four deliverables. They are reasoning and drawing, not a promise about outcome — and the fourth one, set wide below, is the one to read first.

01

Site and product assessment

What the plot can legally and physically carry, and what should sit on it. Massing, coverage, floor count, unit or key mix — tested against the regulation that governs that specific plot, not against the country in general. If the honest answer is that the site does not support the product you have in mind, you hear it here rather than after mobilisation.

02

Phasing options

More than one way to build it, drawn rather than described. What can be delivered first and stand on its own, what can wait, and what each sequence does to your exposure while it is waiting. A phase that cannot function alone is not a phase; it is an unfinished building with a deadline attached.

03

Operating cost, beside build cost

What the building costs to run once it opens, set next to what it costs to put up. Glazing area and orientation, façade and shading strategy, plant, vertical transport, cleaning and maintenance access. These are settled at concept in an afternoon and then paid for every year the building stands.

04

An honest list of what is still unknown

The open questions, written down and handed to you: approvals not yet obtained, surveys not yet carried out, assumptions currently standing on nothing. Most proposals quietly omit this page. It is the one that tells you what you are really buying, and it is the reason the other three can be trusted.

e.g.

A worked example, at concept stage

The 2 800 m² residential complex in Al Madinah, as it was put on the table: basement, ground and four typical floors on a 2 840 m² plot — 8 740 m² built, 6 370 m² sellable, 50 parking bays. Indicative construction cost, approximate and labelled so: structure and shell near SAR 797 per m², finishing and MEP near SAR 1 035 per m², design and supervision at four percent, municipal permits, and a five percent contingency — a total close to SAR 17.5 million before land. No yield is attached to it. The number exists so the conversation starts from something drawn.

The project →

02 — How a project is divided

Who carries which risk, said out loud.

Three panels, and they are not the same depth on purpose: the further from our control a thing is, the further back it sits.

We carry

The drawing.

That the design is buildable, coordinated across every discipline, and drawn for the approval it will actually face. If it fails on any of those, the error is ours and so is the work of correcting it. This is the part a practice can genuinely be held to, and the only part it should ever claim to control.

You carry

The capital and the timing.

Land, funding and the decision to proceed. We can inform that decision with everything above, and we will tell you plainly when we think it is the wrong one. We cannot take it for you, and a practice that offers to is offering something it cannot deliver.

Neither of us controls

The weather.

Regulation that changes, the cost of money, the construction market, and the calendar of an authority that answers when it answers. These get named at the start, watched throughout, and never promised away. Naming them early is the only honest form of managing them.

03 — What we will not promise
Returns are not promised. Anyone guaranteeing a yield is selling something else.

Risk is reduced by assembling a project properly — the right product on the right plot, drawn to the regulation that applies to it, phased so that no stage is hostage to the next. That is the whole of what any architect or developer can honestly offer. Everything beyond it is a sales technique, and you have almost certainly been shown it already.

Private project terms

Project budgets and negotiated contract terms remain private. Standard consultation prices shown on the message page are public.

Every project states its real stage

Concept means concept. Design means design. Built means built. Nothing on this site is promoted one step above where it actually stands, which is why the built work is worth reading.

Confidential work is not shown at all

Not blurred, not renamed, not reduced to “a project in the Gulf”. A practice that leaks its last client to impress the next one has already told you how it will treat you.

No forecast dressed as a fact

Where something is unknown, it is written down as unknown and kept on the list until it is answered. That list is a deliverable here, not an embarrassment.

04 — Our own client

The one project where the practice carries its own consequences.

ARTIFEX Resort, in the work →

Every other project in this office was drawn for somebody else. ARTIFEX Resort was not. It is the practice's own development, in design now: terraced villages stepping the slope, standalone villas, a cable car, and a leisure spine holding the whole thing together.

It exists here for one reason. An investor is entitled to ask an architect who talks like a developer whether he has ever had to live inside his own drawing — carry its cost, its phasing, its operating burden and its mistakes, with nobody else to hand them to. On this one, the answer is yes, and it is being answered in public while the project is still unfinished.

ARTIFEX Resort — terraced village stepping the slope
Terraced villages stepping the slope
ARTIFEX Resort — standalone villa
Standalone villas
ARTIFEX Resort — cable car across the valley
The cable car
ARTIFEX Resort — the leisure spine at the arrival gate
The leisure spine

Stage: in design. Not built, not consented, not for sale on this page — stated here exactly as it is stated everywhere else on the site.

Photographs

Not renders. The site.

Every practice can show you a picture of a building that does not exist yet. These are from the weeks that decide whether it ever will.

An ARTIFEX project under construction in Madinah, scaffolding still up
The same building from the road, with the practice's vehicles outside
The site team walking the plot in ARTIFEX hi-vis
Two engineers checking a drawing against the ground
A site walk in progress on open ground
05 — The Saudi context

Nearly three years reading a market before working in it.

Since 2023 the founder has been based in Madinah. Close to three years went into studying the Saudi market before working there seriously: the regulation, the investment structures, and the part that is never written down anywhere — how an approval actually moves, which step it stalls at, and who has to be satisfied before it moves again.

That is an unglamorous way to enter a market and it is exactly why a foreign investor should care. The regulation is published and anyone can read it. The sequence — who signs, in what order, and what makes a file come back unstamped — is learned only by being present for it. Getting that wrong is rarely expensive on paper. It is expensive in months.

The practice works in Uzbek, Russian, English and Arabic, which is the practical form the same point takes in a meeting room.

The Saudi register
Entity
ARTIFEX GROUP LLC
CR
7051189921
VAT
31451370600003
Status
Register active
Seat
Madinah, Saudi Arabia

Verifiable against the public register. Stated here so that the first question in any first meeting is already answered.

Multi-use hospitality building, Madinah — corner view
Madinah, Saudi Arabia · Design stage

Multi-use hospitality building

424 Keys · 7 room types
71.0m Above ground
59% Plot coverage
Floors
16 above ground, 2 below
Plot
4 370 m² carrying 32 555 m² of building
Façade
A pointed-arch screen shading 29 000 m² of glazing
Saudi Arabia · Concept design

Mixed-use building

20 Floors
86.5m Above ground
16% Of the site built on
Site
8 550 m²
Imagery
None released for publication

There is no picture here because none has been released, and inventing one would make every other image on this site worth less. This is what concept design honestly looks like from the outside.

These are dimensions, not projections. Every figure above is a measurement of something that has been drawn — a height, an area, a count of rooms. There is nothing on this page that has to come true for the numbers to stay correct, which is the only kind of number worth printing before a project is built.

06 — Standing and record

Who you would actually be signing with.

The practice
Founded
2009, Tashkent
Incorporated
LLC, 2011 · Reg. 005035-09
Saudi entity
ARTIFEX GROUP LLC, Madinah
Countries
Uzbekistan · Kazakhstan · Turkey · UAE · Saudi Arabia
In-house
Architecture · structure · MEP · BIM · visualisation · site supervision
Languages
Uzbek · Russian · English · Arabic
The founder, outside his own office
World Bank Group
Doing Business — expert contributor
Certificates
2015 and 2017–2020
Official letter
December 2019
Reference
Consilium Education, 2018, after a school project in Tashkent
Role
Director and Chief Architect since 2012

Listed because they are third-party and checkable. Awards a practice gives itself are not evidence of anything.

  1. 5
    Countries worked in

    Uzbekistan · Kazakhstan · Turkey · UAE · Saudi Arabia

  2. 200+
    Professionals

    Have passed through the practice since 2009 — architects, structural and services engineers, BIM coordinators, visualisers and site staff.

  3. 6
    Capabilities under one roof

    Master planning and urban design · architectural design · development advisory · BIM and technical coordination · façade engineering · construction supervision.

  4. 4
    Working languages

    Uzbek · Russian · English · Arabic — the four a meeting is actually held in, not the four printed on a brochure.

07 — Open a conversation

Four fields. Then a person.

You will not be asked for a budget, a timeline or a phone number you would rather not give. Four fields is enough to work out whether there is anything worth meeting about — and if there is not, you will be told that too, which is the fastest useful answer either of us can get.

Telephone+966 56 160 7044 Telegramt.me/Rustam_Khaitmetov Emailinfo@artifex.uz
Write inUzbek · Russian · English · Arabic
Send four lines

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artifex.sa is the company site. This one is personal.

08 — The market, measured

Land in Madinah, district by district.

One study of the land listed for sale in Madinah on aqar.fm on 24 September 2026. It describes what sellers ask. It predicts nothing.

Before a site is chosen, the market around it is measured. On 24 September 2026 we collected every land listing for Madinah on aqar.fm — 1 609 listings — placed each one by its coordinates in one of the city’s 118 official districts, and set them against the deals registered with the Ministry of Justice over the previous twelve months.

Duplicates, built property, mis-pinned plots, listings outside the city limits and 51 prices far out of line with comparable plots were removed, leaving 1 312. These are asking prices — what a seller hopes for, not what a buyer paid. Where the two can be compared, registered land deals closed about 9% below the asking median of the same district.

The study, in brief
1 451SAR per m² · city median
1 312Listings kept after cleaning
10 133Property deals of all types registered in 12 months
Measure
Asking price per m², land only
Date
24 September 2026
Listings
aqar.fm, public pages
Deals
Ministry of Justice, Real Estate Exchange
Districts
118, within official boundaries
Median asking price of land per m², by district, Madinah, 24 September 2026Prophet’s MosqueQubaUhudAirportHaramain station
Open the interactive map
Median asking price of land by district · gold lines are the three ring roads, the third dashed and drawn only where it is built · the white dot is the Prophet’s Mosque
SAR per m², median
  • Under 940
  • 940 – 1 100
  • 1 100 – 1 500
  • 1 500 – 1 800
  • 1 800 – 2 300
  • 2 300 – 3 500
  • 3 500 and over
  • No land listed, or fewer than three listings
By ring road
ZoneSAR / m²Middle halfListings
Inside the first ring, around the HaramNone listed—0
First to second ring4 3063 484–5 503102
Second to third ring1 5711 248–2 151863
Third ring to 25 km1 000900–1 250261
Beyond 25 km400281–47586
Whole city1 4511 001–2 1091 312

Ring roads: King Faisal, King Abdullah and King Khalid. Distances are straight-line from the Prophet’s Mosque. The middle half is the range of the central 50% of listings.

What the numbers say
  1. 4 450

    SAR per m² is the median asking price east of the Haram, between the first and second ring roads, where about half of the land in the city’s dearest ring is listed (50 of 102 listings, plots of about 614 m²).

  2. −42%

    is how much lower the asking price per m² is when the distance from the Haram doubles from 4 to 8 km, all else equal — and 45% from 10 to 20 km. The percentage does not fade further out; only the riyal gap does.

  3. +75%

    is how much more sellers ask for land to the east than to the north at an equal 10 km from the Haram; the gap is wider further out and small near the centre. At that distance the north is the cheapest direction.

  4. −9%

    is the typical gap between registered land deals and the asking median of their district — 161 recent deals in 38 districts. Part of it is bargaining; part is that the plots sold are not the plots on offer.

  5. +15%

    more property deals of all types were registered a month in June–August than on average over the eight months before — and two districts, Al Jassah and As Suwaydra, account for all of the rise. In the 25 other districts with enough deals to compare, the number fell 12%.

  6. −4.5% y/y

    is the year-on-year change in the official GASTAT price index for the Madinah region in the second quarter of 2026, all property types. The yearly fall has narrowed each quarter since the third quarter of 2025 (−8.0%), but the index fell 2.1% on the quarter; nationally it rose 1.3% on the year.

What moves the asking price, all else equal
FactorEffect90% range
Distance doubled, 4 → 8 km−42%−45%…−40%
Distance doubled, 10 → 20 km−45%−52%…−41%
Street 40 m or wider, against under 15 m+47%+34%…+58%
Street 30–39 m, against under 15 m+12%+4%…+19%
Commercial use, against residential+20%+12%…+29%
Corner, or two streets+4%+1%…+8%
Plot twice as large, per m²−7%−10%…−4%
East against north, at 10 km+75%+58%…+106%

A hedonic model on 1 226 listings within 25 km explains 77% of the variation in asking price per m², on a log scale — 72% in districts left out of the fit. Ranges come from resampling whole districts.

Before a plot is bought
Foreign ownership
Law in force since 22 January 2026. In Madinah: Muslim individuals and Saudi companies with foreign shareholders, only inside ten zones approved on 23 June 2026
Fees
For a non-Saudi buyer: 2% REGA fee in addition to the 5% real estate transaction tax
A villa plot
Two floors and a roof annex; ground and first floor up to 75% of the plot
Checks
Title on Najiz, planning with the Amanah (the municipality), recent deals on SREM
REGA’s map of the designated zones →

Sources: aqar.fm listings, 24 September 2026; Ministry of Justice Real Estate Exchange (SREM), October 2025 to September 2026; GASTAT Real Estate Price Index, Q2 2026; REGA; national address district boundaries; OpenStreetMap.

These are observations, not forecasts. Every price above is an asking price counted off a public listing or a deal registered with the Ministry of Justice; the other figures are computed from those listings or quoted from GASTAT and REGA, each with its sample or source beside it. No yield is derived from any of it, and none of it is investment or legal advice.

The interactive atlas

Every one of the 118 districts on a map you can zoom, with six indicators to switch between — asking price, deal price, value index, deals, deal momentum and listings — a profile for each district, the price gradient from the Haram, the zones and every table of the study.

Madinah land market