Saudi Arabia opens property market to foreign ownership under new real estate law

Saudi Arabia has introduced an updated law allowing non-Saudis to own and invest in real estate, opening the door for individuals and companies at home and abroad to enter one of the region’s fastest-growing real estate markets. The move comes as the Kingdom accelerates its economic and investment expansion, seeking to attract wider global capital.

According to the Saudi Arabian government’s official agency – Real Estate General Authority (REGA) – the Kingdom has updated its property law as KSA promotes a broad economic transformation, characterized by rapid growth and expansion of investment prospects in many sectors.

Officials say the legislation is designed to stimulate the real estate market, diversify and improve the quality of projects, create jobs for citizens and boost urban and architectural standards. The move is also in line with global practices on foreign ownership and supports the Vision 2030 goal of building a safe and balanced investment environment.

Under the new framework, Saudi Arabia opens up property ownership to individuals and companies, subject to regulations related to urban planning and financial stability. Investors will have access to opportunities in major developments, special economic zones and designated residential and commercial areas, all within areas approved by the Council of Ministers.

Saudi Arabia is working on major urban transformation from several construction projects such as NEOM, Qiddiya and Red Sea Global initiatives. REGA’s website has published the features of the new laws, but details of geographical zones, regulations and other details will be included soon.