RIYADH – The Kingdom of Saudi Arabia has allowed foreigners to own and benefit from real estate across the country.
According to the new regulations published in the Umm Al-Qura Gazette, non-Saudi individuals, companies, and non-profit organisations can purchase and get properties on long-term leases, provided they meet government conditions.
The Council of Ministers will define which areas are open for foreign ownership and what usage is permitted. The Council will also determine ownership limits, locations, and property types.
Makkah and Madinah will remain restricted for foreigners. However, Muslims may be allowed to purchase property there under specific conditions.
The Real Estate General Authority and other government bodies will monitor the implementation of new regulations.
Foreign residents in Saudi Arabia can purchase one residential property for personal use, as long as it’s not in a restricted area. In addition, foreign-owned firms and investment funds can own property anywhere, including the holy cities, if used for operations or housing staff.
All property ownership must be registered, and transfer fees up to 5% apply. Violations can result in fines up to SAR 10 million, or even forced sales.
