Saudi Arabia will open its real estate market to foreigners in January

Saudi Arabia has announced that in January it will open its real estate market to foreign citizens. The new rules will allow non residents of the country to buy residential properties including apartments and private houses as well as land agricultural territories commercial and industrial real estate. The decision became part of the program to modernize the economy and attract investments within the national real estate development strategy. Authorities note that the changes are aimed at creating favorable conditions for foreign investors and stimulating growth in the construction sector.

According to the published data foreign citizens will be able to purchase properties almost throughout the entire country except for certain areas with special status. At the same time an important restriction is provided regarding the two holy cities Mecca and Medina. The right to purchase real estate in these areas will be granted exclusively to Muslims which corresponds to the religious and legal status of the cities. This decision preserves traditional norms while creating new opportunities for Muslim investors.

The reform continued initiatives to liberalize property legislation. In recent years Saudi Arabia has actively attracted international partners to develop infrastructure projects and improve the business environment. It is expected that opening the real estate market will create additional capital inflows and attract new participants to the construction industry. Economic experts predict the growth of major development projects and the expansion of residential construction in several regions of the country.

The new rules also provide for simplifying the procedures for registering transactions and obtaining property rights. The introduction of digital services will speed up the purchase process and reduce document requirements. Authorities plan to ensure transparency of operations and strengthen buyer protection including minimizing risks related to legal disputes. According to specialists this may improve the country’s international position in investment attractiveness rankings.

Opening the real estate market is considered an important element of the strategy to diversify the economy and develop non oil sectors. Saudi Arabia seeks to reduce the economy’s dependence on the oil sector and develop new areas including tourism construction and financial services. Allowing foreign citizens to purchase property should increase the interest of international companies and private investors in long term projects in the region.

In the coming months additional clarifications on purchasing procedures and the launch of new services for foreign users are expected. Development companies are already preparing proposals aimed at international buyers. The real estate sector one of the key industries of the national economy may receive a significant development boost after the reform enters into force.

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