Saudi Arabia is planning to pass a new law that allows non-Saudi residents to own property in the Kingdom, Real Estate General Authority (REGA) CEO, Abdullah Alhammad, announced on Sunday.
“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,” said Alhammad in a statement.
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, added Alhammad.
“We have monitored the negative effects of foreign ownership of property in order to avoid them and find solutions for problems and unacceptable practices,” the CEO 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, Alhammad added.
Saudi Arabia is working on real estate projects worth $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.
