Riyadh: Saudi Arabia has announced a landmark decision to let expatriates buy land and properties in designated areas, including the key cities of Riyadh and Jeddah. The Saudi cabinet approved the move during its weekly session at Jeddah’s Al-Salam Palace, chaired by Crown Prince and Prime Minister Mohammed bin Salman.
The updated Real Estate Ownership Law will come into force on January 1, 2025, aiming to attract foreign investors and boost real estate development. The change is expected to expand housing options and increase the availability of real estate assets.
Minister of Municipality and Housing Majid Al-Hogail confirmed that while the new rules will apply widely, there will be specific restrictions in the holy cities of Mecca and Medina. The Real Estate General Authority will outline the exact areas where foreign ownership is permitted.
Under the revised framework, executive regulations will be released for public feedback within 180 days after the law is published in the Official Gazette.
The move aligns with Saudi Arabia’s ongoing efforts to diversify its economy and encourage foreign direct investment. It also complements the Premium Iqama system and existing laws that allow GCC nationals to own property in the Kingdom.
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