Saudi Arabia opens doors for foreigners to buy property as it seeks to attract investors
Non-Saudis will be able to own property in designated areas in Riyadh and Jeddah, with 'special requirements' for ownership in Makkah and Madinah, the state-run Saudi Press Agency (SPA) said this week.
The move will 'contribute to raising the real estate supply by attracting investors and real estate development companies to the Saudi market', Majed bin Abdullah Al-Hogail, Minister of Municipal Rural Affairs and Housing, said in the SPA report.
The updated rules will come into effect in January 2026 and the Real Estate General Authority will be responsible for proposing the areas where non-Saudis can own properties. The authority will present the executive regulations of the system on the Estitlaa platform within the next six months.
The decision is likely to benefit companies who could invest in apartments or villas to accommodate their staff as an alternative to expensive hotel stays. It is also expected to give established expats the opportunity to buy a home in the kingdom.
Saudi Arabia has already taken several measures to boost its attractiveness as a global investment destination, as part of its Vision 2030 plan to wean the economy off its dependency on oil revenue.
In January, the kingdom said it would allow foreigners to invest in publicly listed local companies that own property in Makkah and Madinah, in a step aimed at funnelling international capital into the sector.
Saudi Arabia's latest move comes after cities such as Dubai, Abu Dhabi and Doha designated areas where overseas investors can buy property.
This month, Saudi Arabia also introduced a work permit classification system that recruiters say will introduce more flexibility in hiring high-skilled expats and attracting global talent.
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