Saudi Arabia approves partial land ownership for housing developments

Dubai: Saudi Arabia has approved a framework allowing investors to develop residential projects under a partial land ownership system, in a move aimed at stimulating investment in the housing sector and expanding home ownership opportunities.

The decision was approved during a Cabinet meeting in Jeddah on Tuesday, chaired by Crown Prince Mohammed bin Salman.

The new framework is expected to provide greater flexibility for real estate developers by allowing housing projects to be established under a partial ownership model, supporting the growth of integrated residential communities and broadening investment opportunities in the property market.

The Cabinet said the measure forms part of the kingdom's efforts to modernise the real estate sector, encourage private sector participation and improve access to housing in line with the objectives of Saudi Vision 2030.

The government has yet to provide further details on the implementation timetable or eligibility criteria for the new ownership model.