DUBAI (Kashmir English): The Saudi Arabian authorities have officially revised their property ownership laws, allowing non-Saudis to buy and invest in real estate, officials confirmed.
The move opens the door for individuals and companies from across the world to participate in one of the Middle East’s fastest-growing property markets. Experts say the step follows the Kingdom’s reforms, known as Vision 2030, in support of its general economic growth.
The Real Estate General Authority (REGA) said that the new law seeks to enhance the real estate sector, improve the quality of projects being implemented, increase employment opportunities for nationals, and raise the level of urban planning and architecture. Under the new law, foreigners will be allowed to buy residential, commercial, and agricultural land in areas approved by the Council of Ministers.
These regulations will ensure economic stability, attain sustainable growth, and achieve orderly urban development. Saudi Arabia is also transforming its cities through mega projects like NEOM, Qiddiya, and Red Sea Global, expected to attract large-scale foreign investments.
REGA further said that more details about investment zones and regulations will be given within the coming months. To analysts, this is a historic moment that cements Saudi Arabia’s commitment to diversifying its economy and providing a balanced environment for investment.
