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New Law to Allow Non-Saudis to Buy a Wide Range of Properties in Saudi Arabia
Saudi Arabia is moving ahead with major reforms that will allow foreign nationals to purchase a wide spectrum of real estate beginning in January. According to a senior official with the Real Estate General Authority, non-Saudis would be able to purchase residential, commercial, agricultural, and industrial properties, as well as land for development.
Foreigner buying zones in Riyadh, Jeddah, Mecca, and Madinah are now being finalised and will be announced shortly. These areas are projected to be big and comprise major development projects, with foreign ownership limited to 70–90%.
Foreign buyers in Mecca and Madinah must be Muslim, but authorities claim there would be few restrictions beyond that. According to REGA officials, the amended law represents a significant departure from previous rules and is currently awaiting final approval. The revision is part of a July overhaul of property ownership legislation aimed at luring foreign investment and advancing Saudi Arabia’s Vision 2030 goals.
The kingdom is also loosening capital market restrictions, with plans to allow majority foreign ownership of Saudi stocks. REGA has established the Saudi Properties portal, which will soon list qualified properties and approved zones.
