Logo of Ministry of Investment
The Ministry of Investment invited the public to send their feedback on draft amendments to the Law of Real Estate Ownership and Investment by non-Saudis through Istitlaa platform until May 18.
The ministry stated that the law aims to enhance the efficiency and effectiveness of procedures and controls related to the ownership and use of real estate by non-Saudis with a natural and legal personality. This also includes the use of properties in Saudi cities and economic areas that are targeted for development, including Makkah and Madinah.
The proposed amendments to the law will contribute to enhancing the competitiveness and marketing capacity of the Kingdom’s real estate sector, as well as stimulating growth in other economic sectors. In addition, it will enable non-Saudis to own properties and attracts funds under rules regulating and facilitating ownership in certain areas targeted for development.
The economic and development goals of allowing non-Saudis to own real estate in the Kingdom include promoting economic development and increasing the real estate sector's contribution to the country’s GDP. They also include creating a more competitive business environment, promoting project development, and boosting demand for real estate.
The goals also include improving the balance of payments, achieving a balance between real estate supply and demand, increasing the Kingdom's share of foreign investment flow, reducing foreign transfers, and stimulating tourism.
The amendments include four social goals: increasing social capital, boosting employment rates for workers in the construction and real estate sectors, developing the targeted areas and enhancing demand for real estate in such areas, as well as increasing the income of workers in the sector.
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