The Saudi Cabinet officially approved a system of non -Saudis ownership of real estate in a move aimed at enhancing investment and economic expansion within the Kingdom.
This came during a meeting of the Council headed by the Saudi Crown Prince, Prime Minister Prince Muhammad bin Salman.
This decision comes within the framework of continuous efforts to attract foreign investment and enhance growth in the housing and real estate sector in the Kingdom.
The new system includes many measures that allow foreigners to own real estate according to specific conditions that ensure the protection of the rights of all parties concerned.
This system aims to enhance investments in the Kingdom and increase the liquidity of the real estate market, and the Council looks forward to achieving a balance between benefiting from foreign investments and developing the local real estate sector. The system also seeks to facilitate the entry of non -Saudi investors and contribute to the development of new projects that contribute to the renaissance of infrastructure.
The new conditions include specific conditions that allow the property to be owned by foreigners in certain areas, while emphasizing the need to adhere to the relevant regulations and laws. Applications will be carefully reviewed to ensure their compatibility with the Kingdom’s 2030 vision aimed at diversifying income sources and providing an opportunity for foreign investors.
