The kingdom just announced today, Monday 27, a new law that would allow foreigners the opportunity to purchase various properties.
Varying from real estate to commercial property, non-Saudi nationals soon can purchase properties across all of Saudi including Makkah and Madina.
Abdullah Alhammad, CEO of the Real Estate General Authority (REGA) said, “the negative effects of foreign ownership of the property were monitored in advance so as to avoid them, and solutions were developed for all problems and unacceptable practices.”
This novel law comes as part of the Kingdom’s Vision 2030 following a strong price hike for the last two years.
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