Saudi Arabia is in the final stages of establishing a new foreign ownership system for real estate, according to experts.
This will allow non-citizens to purchase commercial and residential real estate in the country. Additionally, ownership in the cities of Mecca and Medina would also be permitted under this system.
Although the exact date of implementation is unclear, experts note that it might happen "soon." Earlier this year, it was reported that Saudi Arabia's real estate market is expected to experience significant growth in the next decade. This is due to investors being attracted to the country's multimillion-dollar economic projects like NEOM, which are part of the Vision 2030 plan that aims to develop the real estate sector through new projects and regulations.