JEDDAH – Saudi Arabia has taken a major step to attract massive foreign investment as it has decided to allow expatriates and foreign investors, including Pakistani citizens, to own a property in the kingdom.
Crown Prince and Prime Minister Mohammed bin Salman chaired a cabinet meeting where a new law regulating property ownership by foreign nationals.
The Saudi government is following the steps of the various Gulf cities such as Dubai, Doha and Abu Dhabi which have allowed foreign nationals to buy properties, making billions in wake of foreign investment..
Potential Locations for Buying Property
As per the reports, foreign investors, including Pakistani citizens, can buy properity in Riyadh, Jeddah and other designated areas.
However, there will be additional conditions for those buying properties in Makkah and Madinah. The Saudi government is yet to share the rules and regulations in this regard.
Who Can Buy Property?
Expatriates living in Saudi Arabia and foreign nationals will be allowed to buy personal property in the Kingdom.
When You Can Buy?
People interested in buying properties in Saudi Arabia will be able to do so in 2026.
The initiative is part of Saudi Arabia’s Vision 2030 that aims at cutting dependence on oil and make it more investor friendly.
