Latest news with #REGA
Korea Herald
11-07-2025
- Business
- Korea Herald
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 /PRNewswire/ -- 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.
Malaysian Reserve
10-07-2025
- Business
- Malaysian Reserve
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 /PRNewswire/ — 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. Logo – View original content:
Cision Canada
10-07-2025
- Business
- Cision Canada
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.
Time of India
10-07-2025
- Business
- Time of India
Saudi property buying rules: What expats and investors need to know
Foreigners will be allowed to buy property in key Saudi cities like Riyadh and Jeddah from January 2026 under new regulations aimed at boosting investment and diversifying the economy/Representative Image TL;DR: Saudi Arabia to allow foreigners to buy property from January 2026 in designated zones like Riyadh and Jeddah. REGA will define eligible areas and publish detailed rules within 180 days. Mecca and Medina remain restricted to long-term leases only (not ownership) Valid Iqama or Premium Residency required to purchase. 5% real estate transaction tax applicable on purchases. Foreign companies and individuals can both buy. Property purchases to be completed via digital platforms like Absher and registered under REGA. Who Can Buy Foreign individuals and companies will be allowed to buy property. You'll need to meet specific conditions, but you won't need to be a Saudi citizen. If you're a Premium Residency holder or a GCC national, you're already allowed to own property under certain conditions. Where You Can Buy The law will allow purchases in places like Riyadh, Jeddah, and other areas that will be announced soon. You can't buy property in Mecca or Medina, but long-term leases (up to 99 years) may be possible in those cities. The Real Estate General Authority (REGA) will release the final list of areas and rules before January 2026. They will also open a public feedback process on a platform called Istitaa. How to Buy Property as an Expat Here's a basic outline of how the process is expected to work: Check your eligibility — you'll likely need a valid residency permit (Iqama) or a business license. Choose a property in an approved area. Apply for a permit through Saudi's official digital platforms like Absher. Get clearance from REGA and possibly from the Ministry of Interior or Investment. Sign the deal and register the ownership. Pay a 5% property transaction tax. Keep in mind: rules for financing, taxes, and other approvals may vary depending on the zone and the type of property. Why This Matters Real estate now makes up a growing part of Saudi Arabia's economy. The new law is meant to boost that even more by attracting outside buyers and encouraging development in major cities. It also brings Saudi rules closer to what's already allowed in countries like the UAE and Qatar, where expats have been able to buy property for years. Things to Keep in Mind You can't buy just anywhere. Specific zones will be named. Mecca and Medina remain off-limits for freehold ownership. Government approval is a must before completing a deal. The law starts in January 2026, but the details will come out earlier. Digital tools like Absher will be used to handle most of the paperwork. FAQs Q. Can foreigners buy property in Saudi Arabia now? Not yet. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 3.5, 4.5 BHK Homes starting at ₹4.89 Cr.* Hero Homes Learn More Undo The law takes effect in January 2026. Q. Can I buy in Mecca or Medina? No, but you may be able to lease long-term. Q. Do I need to live in Saudi Arabia to buy? Yes. You'll likely need a valid Iqama or Premium Residency. Q. Are companies allowed to buy property too? Yes. Foreign companies can buy property in approved zones. Q. Is a mortgage possible? It might be, but most expats pay in cash. Saudi banks have strict lending rules. Q. What taxes do I have to pay? There's a 5% real estate transaction tax on most purchases.
Argaam
08-07-2025
- Business
- Argaam
Non-Saudi property ownership law to take effect in 2026: Al-Hogail
Majid Al-Hogail, Minister of Municipal, Rural Affairs and Housing, said the new law regulating property ownership by non-Saudis aims to boost the real estate sector and attract foreign direct investments to support housing supply across the Kingdom. Al-Hogail, who is also Chairman of the Real Estate General Authority (REGA), said the new law safeguards citizen interests through introducing mechanisms to regulate the market and ensure real estate balance. It allows non-Saudis to own property within specific geographic zones, most notably Riyadh and Jeddah, while applying special conditions for Makkah and Madinah. REGA will be responsible for defining the approved zones for non-Saudi ownership and preparing the executive regulations for the law, which will be published for public consultation on the Istitlaa platform within 180 days. The law, scheduled to go into effect in January 2026, aligns with the regulations governing premium residency and existing rules that allow GCC nationals to own property for residential or investment purposes.
