With tons of international and local projects, the kingdom of Saudi Arabia is doing everything it can to diversify its economy. Saudi Arabia recently announced a citizenship change, where it will grant citizenship to certain individuals based on a decision to be issued by the Prime Minister. And now, after that major move, Saudi Arabia is planning to relax property ownership laws for foreigners. Read on for all the deets.
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The new law is in the final stages and will be made public shortly; once in place, it will let foreigners buy all kinds of real estate properties in the kingdom of Saudi Arabia. Real Estate General Authority chief Abdullah Alhammad has confirmed the news and said this new will be broader than the current law for real estate ownership. It will allow you to purchase land in Saudi for commercial, residential, and agricultural purposes while keeping the laws and rules in place.
According to the earlier law, foreigners were barred from investing in properties in holy cities; now, after the new law is in place, they will be allowed to buy property everywhere in Saudi, including Makkah and Madinah.
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Speaking about the negative effects, Alhammad said, “The negative effects of foreign ownership of the property were monitored in advance so as to avoid them, and solutions were developed for all problems and unacceptable practices.”
Saudi Arabia wants to make its real estate sector attractive to foreigners, and this move could open up foreign investments from other GCC countries like UAE. Stay tuned for all the updates.
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