Kingdom Centre Tower, an iconic symbol of Riyadh's futuristic cityscape. Photo: SPA
Jeddah: In a landmark policy shift aimed at boosting foreign direct investment and expanding real estate opportunities, Saudi Arabia’s Cabinet, chaired by Crown Prince and Prime Minister Mohammed bin Salman, has approved a new law enabling non-Saudis to own property within the Kingdom. The law is set to come into force in January 2026.
The law allows foreign individuals and entities to own property in designated areas, including the cities of Riyadh and Jeddah, with regulated conditions for ownership in Makkah and Madinah.
The decision, taken during the weekly Cabinet session in Jeddah, forms part of the broader efforts under Vision 2030 to diversify the national economy and stimulate private sector participation.
Under the law, the Real Estate General Authority has been tasked with identifying the geographic zones where non-Saudis may obtain ownership rights or other forms of real estate entitlements. Executive regulations for the new system will be published on the Istitaa public consultation platform within 180 days of their appearance in the official Umm Al-Qura Gazette, the Saudi Press Agency (SPA) reported.
Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail, said that the reform will boost real estate supply by encouraging global investors and development firms to engage in the Saudi market.
He noted that the framework is designed to ensure a stable and transparent environment by applying controls that align with national priorities and market stability.
“The law reflects a strategic approach that balances economic growth with public interest. Ownership will be allowed in specified areas, and mechanisms will be in place to manage market dynamics and prevent irregularities,” Al-Hogail said.
The law is expected to significantly enhance the Kingdom’s ability to attract international investors and real estate development companies, which in turn will increase property supply across urban centres. The government sees this as a strategic tool to meet rising demand in the residential and commercial sectors, especially in cities experiencing rapid population and infrastructure growth.
This post was last modified on July 9, 2025 11:29 pm