Saudi Arabia plans to open its real estate market to foreigners in 2026, according to the Saudi Gazette.
The bill has been approved by the cabinet but will only take effect next year. It is expected that foreigners will only be able to purchase real estate in some regions of the country, such as Riyadh and Jeddah.
Additionally, there will be cities where real estate transactions will require compliance with specific conditions. These include Mecca and Medina. Such measures are necessary to maintain a balance between attracting investment and the cultural traditions of the population, according to Gulf Business.
The Real Estate General Authority will compile a list of areas where non-residents can conduct residential transactions.
The document will be published on the public discussion platform within 180 days of the official publication of the law’s text in the Umm Al Qura Gazette.
Saudi Arabia’s Minister of Municipal and Housing Affairs, Majed al-Hogail, explained that the reform is necessary to increase supply in the real estate market and attract foreign investment.