Riyadh: The authority in the Kingdom of Saudi Arabia (KSA) has revealed that foreigners will be allowed to purchase property anywhere in the Kingdom, local media reported.
The Kingdom’s Real Estate General Authority chief Abdullah Alhammad said that it is in the final stages of establishing a new system for foreign ownership of real estate.
The comment on foreign ownership of real estate in the Kingdom came during a television interview on the Gulf Rotana channel, the Arabic daily Okaz reported.
This comes after Saudi Arabia issued a directive in 2021 allowing foreigners and legal residents of the country to purchase a single property with certain conditions.
Foreigners will reportedly be able to purchase real estate of all kinds, including commercial, residential and agricultural properties.
The system is also supposed to allow ownership in Makkah and Madinah.
Although it was not clear when the rule would take effect, Al-Hamad was quoted as saying it would be “soon.”
The Kingdom’s latest move could open up new investment destinations for expatriates and global investors looking for greener pastures away from traditional markets, including the UAE.