Saudi Arabia's Big Announcement: Foreigners Will Now Be Able To Buy Property In Riyadh And Jeddah
This decision is part of the vision 2030 to diversify Saudi Arabia’s economy and promote foreign investment
Riyadh: The Saudi government has passed a new law under which foreign nationals will now be able to buy property in Riyadh and the coastal city of Jeddah.
This decision is part of the vision 2030 to diversify Saudi Arabia’s economy and promote foreign investment.
The law was passed on Tuesday and its implementation is expected from January 2026. Special terms related to property ownership will remain in Mecca and Medina.
Following the decision, Saudi real estate stocks saw a sharp rise. More details will release the Saudi Real Estate General Authority soon.
The Saudi government aims to not only attract foreign investors but also encourage its citizens to invest in the country so that they can spend their wealth in Saudi Arabia instead of Dubai and other foreign places.
In Riyadh, the world’s largest building under ‘New square’ is under construction, while work on projects like Red Sea Resorts is also underway, some of which have already opened.
Dubai is still the largest property purchase center in the Gulf countries, where home prices increased by 19 % in just 2024. However, Saudi Arabia has also joined the race and is trying to attract rich foreign buyers.
According to a Frank Knight report, 79 % of Muslim high -netrs in 2024 expressed their desire to buy homes in Mecca or Medina, with a budget of more than $ 4 million.
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