Saudi Arabia opens property market to foreign ownership under new real estate law
A beautiful view of Khobar Town in KSA. PHOTO: PIXABAY
Saudi Arabia has introduced an updated law allowing non-Saudis to own and invest in property, opening the door for individuals and companies at home and abroad to enter one of the region’s fastest-growing real estate markets. The move comes as the Kingdom accelerates its economic and investment expansion, seeking to attract wider global capital.
Saudi Arabia to allow foreign buyers to purchase homes, land and farms from January, with Mecca and Madinah restricted to Muslims. pic.twitter.com/z8RaVZMX7l
According to the Saudi government's official agencty - Real Estate General Authority (REGA) - the Kingdom updated property ownership law, as the KSA pushes ahead with a broad economic transformation, marked by rapid development and expanding investment prospects across multiple sectors.
Officials say the legislation is designed to stimulate the real estate market, diversify and raise the quality of projects, create jobs for citizens, and enhance urban and architectural standards. The move also aligns with global practices on foreign ownership and supports Vision 2030’s goal of building a secure and balanced investment environment.
Saudi Arabia said it’s progressing as planned with reforms that will allow foreigners to own a wide range of real estate — including in the holy cities — starting in January https://t.co/K3yof0GJxl
Under the new framework, Saudi Arabia is opening property ownership to individuals and companies, subject to regulations that account for urban planning and economic stability. Investors will be able to access opportunities in major developments, special economic zones, and designated residential and commercial land, all within areas approved by the Council of Ministers.
Saudi Arabia is working on significant urban transformation by many construction projects like NEOM, Qiddiya and Red Sea Global initiatives. The REGA website posted the features of new laws but the details of geographical zones, regulations and other details to be included soon.