Saudi Arabia to allow Property Purchase by Foreigners

May 15, 2023

Saudi Arabia is set to open its property market to foreign investors, including its religious cities of Mecca and Medina. This move is expected to heat up competition in the Gulf property sector, as investors from around the world look to take advantage of the potential opportunities.

The UAE is currently the leader in the Gulf for freehold property, with Dubai allowing people of any nationality to buy property in nearly three dozen areas. However, Saudi Arabia’s market is much larger, and the opening of the market is expected to attract a significant amount of foreign investment.

The Saudi government is also investing heavily in its real estate sector, as part of its Vision 2030 plan to diversify the economy away from oil. The government is planning to build at least eight new cities, with more than 1.3 million new homes by the end of 2030. In addition, numerous projects are also slated for existing main cities, such as Riyadh, which is set to become one of the 10 largest cities in the world.

The opening of the Saudi property market is a major development for the Gulf region. It is expected to boost competition, drive investment, and create jobs. It is also a sign of the Saudi government’s commitment to diversifying the economy and attracting foreign investment.

Here are some of the key benefits of the Saudi property market opening up to foreign investors:

Increased competition: This will lead to lower prices and better quality properties for buyers.
More investment: This will create jobs and boost the economy.
Greater choice: Foreign investors will have a wider range of properties to choose from.
Increased transparency: The Saudi government is committed to making the property market more transparent, which will make it easier for investors to make informed decisions.

Overall, the opening of the Saudi property market is a positive development for the Gulf region. It is expected to boost competition, drive investment, and create jobs. It is also a sign of the Saudi government’s commitment to diversifying the economy and attracting foreign investment