RIYADH — Saudi Minister of Municipalities and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majed Al-Hogail thanked Custodian of the Two Holy Mosques King Salman and Crown Prince and Prime Minister Mohammed bin Salman on the occasion of the Cabinet's approval of the updated law allowing property ownership by non-Saudis. The new law will be effective in January 2026. Al-Hogail said the Cabinet's approval of the updated law is an extension of real estate legislation aimed at developing the real estate sector and encouraging foreign direct investment, which will contribute to increasing real estate supply by attracting investors and real estate development companies to the Saudi market. The minister emphasized that the updated law takes into account the interests of Saudi citizens by providing mechanisms that ensure market control and compliance with specific procedures aimed at achieving real estate balance. "The law takes into account all economic and investment aspects, as ownership will be permitted within specific geographic areas, particularly in the cities of Riyadh and Jeddah, with special requirements for ownership in Makkah and Madinah," he said. According to the updated law, the Real Estate General Authority is responsible for proposing the geographic area within which non-Saudis may own real estate or acquire other property rights. The authority will publish the executive regulations of the law on the Istitaa public survey platform seeking viewpoints and suggestions of the public within 180 days of its publication in the official Umm Al-Qura Gazette. The regulations will specify the procedures for non-Saudis to acquire property rights in real estate, as well as the requirements for enforcing provisions of the law on non-Saudis, and the details of its implementation, taking into account all economic and social aspects. It is worthy to note that the law is consistent with the provisions of the Premium Residency Law and the regulation of real estate ownership by GCC citizens in member states for residential and investment purposes, or other applicable laws that grant non-Saudis privileges to own real estate and acquire other property rights.
