Saudi Arabia opens property market to foreign buyers

ISLAMABAD: Saudi Arabia has permitted foreigners to buy property in the Kingdom, marking a major shift in real estate and investment regulations. The move effectively opens the country’s fast-growing property market to global investors.

According to the Real Estate General Authority (REGA), the new framework allows both local and foreign individuals and companies to invest in residential, commercial and even agricultural land. The policy has been introduced under the Kingdom’s Vision 2030 reforms.

REGA says the updated law aims to boost activity in the real estate market, improve construction standards, create new job opportunities and bring urban planning in line with international standards.

Under the new rules, foreign investors will be able to purchase property in areas that receive approval from the Saudi Cabinet. Detailed guidelines, zoning rules and investment conditions for these zones will be released soon. The authority adds that urban development, economic stability and sustainable growth are key priorities as the regulations are finalised.