Saudi Arabia clarifies foreign property rights
The Saudi Council of Ministers has approved the executive regulation of the system allowing non-Saudis to own property within the Kingdom. This regulation specifies the geographical areas where ownership is permitted, details the types of rights allowed, and sets ownership ratios. The designated areas include major cities such as Riyadh, Jeddah, Mecca, and Medina, with maps illustrating the specific locations. The system permits resident foreigners to own one property for residential purposes outside these designated areas, and allows non-Saudi companies to own real estate within them, subject to a fee of up to 5% of the property's transfer value. This measure aims to enhance investment in the Saudi real estate market and support Vision 2030.
Notice: This Is an AI-Generated Summary
Comments (0)