Saudi Arabia is moving forward with plans to open its real estate market to foreigners. Senior officials indicate that the designated areas will be extensive, include mega-projects, and that new regulations will be released shortly.

Foreign Ownership and Limitations

Fahad Bin Suleiman of the Real Estate General Authority (REGA) said the designated areas for foreign property ownership are still under review. He added that foreign ownership in these zones is expected to be capped between 70–90%. In the holy cities, buyers must be Muslim, while other regions will encounter few restrictions.

Speaking at Cityscape Global, Bin Suleiman said, “There are no major conditions. We do not want to restrict. If you compare the existing law with the updated one, the difference is significant.”

REGA and Regulatory Updates

REGA’s statements confirm previously reported timelines and clarify some details ahead of the official release of the regulations. The authority said the rules are in the finalization and approval stage.

Vision 2030 and Investment Attraction

The July revision of property laws is part of Saudi Arabia’s efforts to attract foreign investment and advance its Vision 2030 diversification agenda. The real estate market has become a focal point this year due to the ongoing property crisis, which has challenged Riyadh in attracting companies, talent, and investments.

Regulators are also easing restrictions in the capital markets, and foreign ownership of a majority of Saudi shares is expected to be permitted soon.

New Portal for Investors

To facilitate purchases, REGA has launched a portal called Saudi Properties. The platform will soon list eligible assets and geographic areas where foreigners can acquire property.

Bin Suleiman noted that the designated zones are structured to minimize investment risks and maintain balance in the broader real estate market. “Our main goal is to fully open the market, allowing foreigners to come to Saudi Arabia to buy and invest in real estate,” he said.