In a significant milestone in the Kingdom's continuous efforts to draw in international investment and grow its real estate industry, a recently enacted law would let non-Saudis to own property in specific regions of the Kingdom starting in January 2026.
Majed Al Hogail, Minister of Municipal Affairs and Housing and Chairman of the Real Estate General Authority, praised the Saudi Cabinet's acceptance of the amended legislation, which came after the announcement. Described as "an extension of the Kingdom's comprehensive real estate reform agenda," Al Hogail praised the legislation.
While ownership in the holy cities of Mecca and Medina would be subject to extra restrictions and governmental scrutiny, non-Saudis will be allowed to purchase real estate in certain regions, most notably in Riyadh and Jeddah.
According to the law, the Real Estate General Authority will be in charge of determining the regions in which non-Saudis are permitted to acquire real estate and will also publish the executive regulations that control the procedure. Within 180 days of the law's publication in the official gazette, these regulations should be made available for public review using the "Istitlaa" portal. In order to balance social concerns with economic progress, the regulations will specify the procedures for foreign ownership, eligibility requirements, and enforcement methods.
The Premium Residency Law and other regulations pertaining to GCC nationals' property ownership are in line with the new law. In line with Saudi Arabia's Vision 2030 policy, which seeks to diversify the economy beyond oil and establish the Kingdom as a major international investment destination, it also represents more extensive changes.
