Non-Saudi ownership of real estate surveyed last April, the number of real estate instruments for foreigners in Saudi Arabia rose to 2,038, accounting for 0.48% of the total real estate locally, of which 20,988 deeds contain residential property, while real estate deeds containing commercial property amount to about 50 deeds.

The amendments aim to raise and improve the efficiency and effectiveness of procedures and controls related to the ownership or utilization of real estate by non-Saudis with a natural and legal capacity in cities and economic zones in Saudi Arabia targeted for development, including the cities of Mecca and Medina.

The Ministry of Investment invited interested parties and the public to express their opinions and suggestions on the draft amendment to the Real Estate Ownership Law for Non-Saudis. The amendment includes four social objectives that it seeks to achieve: Increasing social capital, increasing employment rates for construction and real estate workers, working to develop less developed areas and increase the demand for real estate in them, and increasing the incomes of workers in the sector.

It is hoped that the proposed amendment to the system will contribute to enhancing the competitiveness and marketing capacity of the real estate sector in Saudi Arabia and stimulate growth in other economic sectors, in addition to enabling non-Saudis to own property and attract funds with controls and provisions that regulate and facilitate ownership in certain areas targeted for development.

The desired economic and developmental objectives of non-Saudis owning Saudi real estate include promoting economic development, increasing the real estate sector's contribution to Saudi GDP, creating a more competitive business environment, promoting project development, and increasing demand for real estate.