Saudi Arabia approves bylaws allowing wider foreign ownership of real estate
Cabinet endorses executive regulations, designated zones for foreign property ownership
Saudi Arabia's Cabinet has approved executive regulations governing real estate ownership by non-Saudis, a move that further opens the Kingdom's property market to foreign investors and businesses as part of its economic diversification drive.
The Council of Ministers on Tuesday endorsed the executive regulations of the Law of Real Estate Ownership by Non-Saudis, including the geographic areas where foreign individuals and companies will be permitted to own property.
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The regulation follows the entry into force in January of a landmark law allowing non-Saudis to own a broad range of real estate assets in the Kingdom, subject to approval from the relevant authorities and compliance with conditions set out in the executive framework.
Under the law, foreign individuals and companies can own residential, commercial, agricultural and industrial properties. Foreign firms licensed to operate in Saudi Arabia are also entitled to own real estate necessary for their business activities, including offices, factories and warehouses.
The reforms form part of Saudi Arabia's Vision 2030 strategy to attract foreign investment, expand private-sector participation and stimulate growth in the real estate sector.
The approval provides greater regulatory clarity for international investors seeking long-term exposure to one of the Middle East's largest property markets and comes as the kingdom pursues major urban development and infrastructure projects aimed at transforming its economy beyond oil.
