The Biz Reporter
RIYADH, Nov 22: In a pivotal move under its Vision 2030 economic diversification strategy, Saudi Arabia has finalized regulations that will allow non-Saudis to acquire real estate across the Kingdom beginning in January.
The sweeping reform, approved by the Saudi Cabinet, grants foreigners the right to purchase various types of property, including homes, land, farms, and commercial or industrial real estate in designated zones. This step marks a fundamental shift from previous laws, which largely restricted ownership to Saudi citizens and Gulf Cooperation Council (GCC) nationals, or required specialized permits.
The Real Estate General Authority (REGA) confirmed the policy is designed to stimulate foreign direct investment (FDI), increase the supply of quality housing, and accelerate urban development in major economic hubs like Riyadh and Jeddah.
