In a significant move to boost foreign investment and diversify its economy, Saudi Arabia has approved a new law permitting foreigners to own property across the kingdom — including in the previously restricted holy cities of Makkah and Madinah.
The General Real Estate Authority of Saudi Arabia confirmed that the newly passed regulation will allow non-Saudi individuals, companies, and investors to own residential, commercial, and agricultural properties. This decision marks a dramatic shift from the kingdom’s long-standing policy which restricted foreign ownership, especially in sensitive religious zones.
According to the authority, the law has been designed to support Saudi Arabia’s Vision 2030 goals, which focus on economic diversification, tourism, and reducing the country’s dependence on oil revenues. Foreigners will now be able to purchase property, including in strategic and densely populated cities, subject to certain regulatory conditions.
However, legal experts noted that while the law has been approved, implementation will depend on a framework that ensures national security and urban planning interests are protected. Authorities will release more detailed guidelines in the coming weeks.
This move is expected to significantly boost real estate activity in Saudi Arabia, opening up new opportunities for global investors, construction companies, and long-term expatriate residents.
