Latest news with #PremiumResidencyLaw
Arab Times
5 days ago
- Business
- Arab Times
Now, Saudi Arabia Will Allow Expats To Own Properties
RIYADH, July 11: In a landmark policy shift aimed at boosting foreign investment, Saudi Arabia will permit non-Saudis to own real estate in designated areas across the Kingdom beginning January 2026. The move comes under a newly approved property ownership law, marking a significant milestone in the country's broader strategy to diversify its economy and strengthen the real estate sector. The decision was endorsed by the Saudi Cabinet and announced by Majed Al-Hogail, Minister of Municipal, Rural Affairs and Housing and Chairman of the Real Estate General Authority, who described the legislation as a cornerstone of the Kingdom's ongoing real estate reform program. Under the new framework, foreign nationals will be permitted to purchase property in specific zones, primarily in Riyadh and Jeddah, while ownership in the holy cities of Mecca and Medina will be subject to stringent regulatory conditions and additional oversight. 'The updated law is designed to expand the real estate supply, attract international investors and developers, and stimulate foreign direct investment in the Saudi market,' Al-Hogail said, adding that the legislation includes procedural safeguards to protect national interests and ensure the integrity of the housing sector. The Real Estate General Authority will play a central role in implementing the law. It will define the geographical zones open to foreign buyers and draft the accompanying executive regulations. These regulations will be made available for public consultation via the 'Istitlaa' platform within 180 days of the law's publication in the official gazette. The guidelines will detail eligibility requirements, application procedures, and compliance mechanisms, ensuring a balanced approach to economic liberalization and social responsibility. The law complements existing frameworks such as the Premium Residency Law and property ownership rights extended to GCC citizens, further reinforcing Saudi Arabia's commitment to regulatory modernization under the Vision 2030 transformation plan. By opening its property market to global investors, the Kingdom seeks to position itself as a competitive real estate destination while addressing domestic housing demand and fueling long-term economic growth.
Saudi Gazette
08-07-2025
- Business
- Saudi Gazette
New Property Ownership Law will take into effect in January 2026
Saudi Gazette report RIYADH — Saudi Minister of Municipalities and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majed Al-Hogail thanked Custodian of the Two Holy Mosques King Salman and Crown Prince and Prime Minister Mohammed bin Salman on the occasion of the Cabinet's approval of the updated law allowing property ownership by non-Saudis. The new law will be effective in January 2026. Al-Hogail said the Cabinet's approval of the updated law is an extension of real estate legislation aimed at developing the real estate sector and encouraging foreign direct investment, which will contribute to increasing real estate supply by attracting investors and real estate development companies to the Saudi market. The minister emphasized that the updated law takes into account the interests of Saudi citizens by providing mechanisms that ensure market control and compliance with specific procedures aimed at achieving real estate balance. 'The law takes into account all economic and investment aspects, as ownership will be permitted within specific geographic areas, particularly in the cities of Riyadh and Jeddah, with special requirements for ownership in Makkah and Madinah,' he said. According to the updated law, the Real Estate General Authority is responsible for proposing the geographic area within which non-Saudis may own real estate or acquire other property rights. The authority will publish the executive regulations of the law on the Istitaa public survey platform seeking viewpoints and suggestions of the public within 180 days of its publication in the official Umm Al-Qura Gazette. The regulations will specify the procedures for non-Saudis to acquire property rights in real estate, as well as the requirements for enforcing provisions of the law on non-Saudis, and the details of its implementation, taking into account all economic and social aspects. It is worthy to note that the law is consistent with the provisions of the Premium Residency Law and the regulation of real estate ownership by GCC citizens in member states for residential and investment purposes, or other applicable laws that grant non-Saudis privileges to own real estate and acquire other property rights.
