The Public Authority for Real Estate The Public Authority for Real Estate said that the System of Ownership of Real Estate by Non-Saudis has been prepared taking into account the lack of impact on the citizen's opportunities to own and live or its impact on the price balance in the real estate market.

The Authority explained in a statement that the system and its executive regulations include controls and determinants of ownership that work to create a more flexible, stable and diversified market in which opportunities are available to all, and resources are managed within a comprehensive national development plan, as the system contributes to:

1. Increase real estate supply and achieve real estate balance: The system contributes to increasing the supply of real estate in general and residential real estate in particular, thus reducing the gap between supply and demand, which leads to limiting price inflation resulting from the lack of supply, and the system is integrated with government measures taken to achieve real estate balance for real estate prices, especially in major cities in the medium and long term.

2. Raise the quality of real estate projects: The entry of international developers and quality companies will enhance the trend towards improved design, implementation, and services, raising the level of real estate products in the local market and increasing competition for quality and favorable price.
3. Stimulate growth in the real estate market: The impact of the system is not limited to residential properties only, but extends to all types of commercial, industrial and tourism properties, which stimulates economic movement and serves the targets of economic cities and major projects.

4. 4. Providing job opportunities and developing the local real estate sector: With the implementation of new real estate projects expected after the system comes into effect, the demand for real estate brokerage, contracting, construction, valuation, facilities management, property management, property management, law, real estate and engineering consultancy activities will increase, leading to the creation of direct and indirect job opportunities in the real estate, construction, building and other sectors related to real estate activities.

The Real Estate Authority explained that the impact extends to all types of commercial, industrial and tourist properties, which stimulates economic movement and serves the objectives of economic cities and major projects. In its statement, the Real Estate Authority also clarified the objectives of the system for non-Saudis to own real estate, as follows:

1. Attracting foreign direct investment to the Saudi real estate market.
2. Enhance the contribution of the real estate sector to GDP.
3. Retain global talent by enabling them to settle down.
5. Raising the contribution of non-oil sectors to the national economy.
7. Develop the economy and diversify sources of income in a sustainable manner.
9. Improving the quality of urban and urban life.