In a groundbreaking decision aimed at boosting foreign investment and revitalizing the real estate sector, the Saudi Cabinet on Monday, July 8, 2024, approved a new law allowing non-Saudis to own property across the Kingdom — a historic policy shift aligned with Vision 2030 and its economic diversification goals.
The move represents a major departure from decades-long restrictions that limited property ownership almost exclusively to Saudi citizens, and is expected to significantly impact the Kingdom’s investment climate and urban development strategy.
According to the Saudi Press Agency (SPA), the new law will apply to three main categories of non-Saudis:
Legally resident foreigners currently living in the Kingdom.
Foreign companies licensed by Saudi authorities.
International investors seeking to launch economic or real estate projects.
Officials noted that the law is designed to attract global capital and foster innovation and competition in the property market. One official commented, “This decision is a milestone in Saudi real estate regulation. It opens up new avenues for housing development, commercial expansion, and long-term foreign involvement in our economy.”
While specific regulations regarding property types, locations, and ownership limits are yet to be published, sources confirmed that further regulatory frameworks will be introduced in the coming months to ensure transparent and sustainable implementation.
The law is expected to stimulate real estate activity in key urban centers such as Riyadh, Jeddah, and NEOM, the futuristic $500 billion mega-city on the Red Sea. Analysts believe the policy could attract wealthy expatriates and global developers, particularly in the luxury and mixed-use development segments.
As part of Vision 2030, Saudi Arabia has been opening up to tourism, expanding entertainment, and reducing barriers to international business. Allowing foreign property ownership is seen as one of the clearest signs yet of the Kingdom’s rapid transformation into a globally integrated economy.
