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Globe and Mail
5 days ago
- Business
- Globe and Mail
Al-Hogail Thanks the Leadership for the Council of Ministers' Approval of the Updated Regulation for Non-Saudis' Ownership of Real Estate
RIYADH, Saudi Arabia , July 10, 2025 /CNW/ -- His Excellency Mr. Majed bin Abdullah Al-Hogail , Minister of Municipalities and Housing, and Chairman of the Real Estate General Authority (REGA), extended his sincere gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud , and to His Royal Highness the Crown Prince on the Council of Ministers' approval of the updated regulation on non-Saudis' ownership of real estate, during its session held on Tuesday, 8/07/2025. His Excellency explained that the Council of Ministers' approval of the updated regulation at this time is a continuation of the real estate legislative reforms aimed at developing the sector and promoting foreign direct investment. This will contribute to increasing the supply of real estate by attracting investors and real estate development companies to the Saudi market, thereby supporting efforts to achieve a more balanced real estate ecosystem. He added that the regulation carefully considers all economic and investment aspects, and allows real estate ownership under specific ownership conditions in Makkah and Madinah . He noted that the updated regulation permits both individuals and legal entities—including residents with legal status in the Kingdom as well as non-residents—to own real estate within Saudi Arabia , in accordance with specific regulations and conditions. According to the updated regulation, REGA is entrusted with proposing the geographical areas in which non-Saudis may own real estate or acquire other real rights. REGA will publish the executive regulations of the updated system on the Public Consultation Platform (Istitlaa) within 180 days from the date of its publication in the Official Gazette. The regulation is scheduled to come into effect in January 2026 , as stipulated. The executive regulations will outline the procedures for non-Saudis to acquire real estate rights, the requirements for enforcing the regulation's provisions on non-Saudis, and all relevant implementation details, taking into account economic and social dimensions. It is also worth noting that the updated regulation aligns with the provisions of the Premium Residency Law, the regulations governing real estate ownership by citizens of the Gulf Cooperation Council (GCC) member states for the purposes of residence and investment, and other applicable laws that grant non-Saudis privileges to own real estate and acquire other related rights.
The National
6 days ago
- Business
- The National
Saudi Arabia opens doors for foreigners to buy property as it seeks to attract investors
Saudi Arabia has approved a law that will allow foreigners to buy property in specific zones as it seeks to attract international investors and boost its economy. 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.
