Saudi Arabia Property Law Overhaul Expands Foreign Ownership Rights

Saudi Arabia is finalizing a comprehensive regulatory overhaul of its real estate sector, moving to allow non-Saudi nationals to own various types of property, including commercial, residential, and agricultural land. The Real Estate General Authority (REGA) confirmed the new law aims to increase market transparency and attract foreign direct investment as part of the Kingdom’s Vision 2030 economic diversification strategy. Expanded Ownership Rights Under the proposed legislation, foreign individuals and legal entities will be permitted to own property across the Kingdom. This marks a departure from previous regulations that restricted non-Saudi ownership largely to specific residential units or required complex institutional setups. The new framework will cover a broader range of real estate assets, though specific restrictions regarding ownership in the holy cities of Makkah and Madinah are expected to remain in place through specialized leasehold or inheritance protocols. The Premium Residency Center has already established a "Real Estate Owner" residency track. This requires a property investment of at least SAR 4 million (USD 1.07 million) in Saudi real estate. The property…