REGA seeks public input on draft rules for foreign property ownership

Logo  of Real Estate General Authority (REGA) 

The Real Estate General Authority (REGA) posted draft rules and procedures for the Foreign Ownership of Real Estate Law, seeking public feedback through the Istitlaa platform by Aug. 28.

The draft bill aims to establish the regulatory framework for the implementation of the Foreign Ownership of Real Estate Law, issued under royal decree No. (M/14) in accordance with Article 13 of the law.

The draft includes 15 articles outlining procedures and requirements for foreign ownership by individuals, companies, and non-profit entities. Among the most notable provisions are the procedures governing property ownership by foreigners, the applicable fees on real estate transactions conducted by non-Saudis, and a classification table detailing violations of the Foreign Ownership Law and its regulations.