Foreign Real Estate Investment: Diversification. quality and regulated openness
Said bin Mohammed Al-Qahtani
The real estate sector in Saudi Arabia is witnessing rapid growth and remarkable development, driven by economic and legislative reforms within Saudi Vision 2030, and major development projects such as NEOM, Qiddiya, and the Red Sea, which have made the Kingdom a rising urban and investment center in the world.
In this transformation, the real estate sector in Saudi Arabia is witnessing rapid growth and remarkable development, driven by economic and legislative reforms within Saudi Vision 2030. Under this transformation, the real estate sector is stepping up to be one of the most prominent drivers of growth, not only in infrastructure, but also in attracting foreign capital and stimulating the business environment.
An attractive Saudi environment... and inspiring people
The Saudi real estate market is characterized by the presence of creative national cadres, representing an honorable face and high professionalism. In addition, the involvement of foreign investors and international real estate development companies constitutes a strategic opportunity to expand the supply, raise the level of quality and diversity, which reflects positively on the choices of citizens and residents in terms of real estate product, price and experience.
This diversity does not mean mere competition, but is an engine for developing national companies and raising their standards in line with the aspirations of the global market.
Non-Saudi Property Ownership System: A historic step
In this context, the Cabinet's approval of the Non-Saudis Ownership of Real Estate Law on 13 Muharram 1447 AH, constitutes a qualitative leap in real estate regulation. This will open the door for licensed foreign individuals and entities to own real estate in the Kingdom for multiple purposes, including housing, investment, or commercial activities, with precise regulatory controls that ensure market balance and protect national interests.
The law grants the General Real Estate Authority the authority to prepare the executive regulations within 180 days from the date of publication, in addition to proposing areas where non-Saudis may own property, primarily the capital Riyadh and the city of Jeddah.
Regulation, transparency and looking to the future
The Public Authority for Real Estate continues its efforts to regulate the market, raise its efficiency, and increase its attractiveness through a package of initiatives such as:
- National platforms for real estate services.
- Enhancement of real estate market indicators.
- Development of valuation, financing and documentation mechanisms.
- Facilitating investor access to clear and transparent data.
Jeddah... and the prospects ahead
With the opening of the market and the activation of the new system, Jeddah is expected to witness a quantum leap in real estate activity, supported by its proximity to Mecca, one of the strongest real estate and religious attractions in the world. This is expected to bring about a qualitative shift in the nature of projects and targeted investors, leading to a local real estate economic revolution with a global dimension.
Riyadh. The capital of aspirants
<Just as every aspirant has a city that embodies his dreams, Riyadh today is the capital of aspirants, embracing major projects and attracting talents, competencies and investors from all over the world. The new system confirms that the Kingdom is a fertile land for anyone with an appetite for success and progress.
Conclusion
<Foreign investment in Saudi real estate is no longer a complementary option, but one of the pillars of the next phase in a diversified and open economy, in which regulations ensure justice and organization, and provide opportunities for growth and innovation. With the Saudi vision, leadership and cadres, this sector is poised to be a global model in the integration of the local and the global, between vision and ambition, and between openness and wisdom.
Lawyer and Legal Advisor
