Saudi Arabia To Allow Foreign Property Ownership

Saudi Arabia is planning to pass a new law that allows non-Saudi residents to own property in the Kingdom, Abdullah Alhammad, the CEO of Saudi’s Real Estate General Authority (REGA) stated on Sunday (March 26).

“The new law for foreigners to own real estate is in its final stages, and shall be passed soon, it is broader and more inclusive than the current property-owning system.” He said

The new law allows non-Saudis to own different types of real estate; commercial, residential and agricultural with regulations, the initial reading of the law allows foreigners to own property anywhere in the Kingdom, including Makkah and Madinah.

“We have monitored the negative effects of foreign ownership of property in order to avoid them and find solutions for problems and unacceptable practices,” Alhammad stated.

The hike in real estate prices is due to the gap between supply and demand in the Saudi real estate market, which has negatively impacted investors, as land prices significantly increased.

Saudi Arabia is working on real estate projects worth US$1.1 trillion, in order to diversify its economy by 2030, and is planning to build over four million residential units and houses in different regions in the Kingdom by 2030.

Related Reading

• Saudi Arabia Launches Four-Day Access ‘Transit’ Visa
• Saudi Arabia To Be World’s Fastest-Growing Major Economy in 2023

• Previous Article Why The UAE Joined The BRICS New Development Bank
• Next Article Iran Developing As A Regional Freight Rail Hub