Saudi Arabia Approves Law Allowing Foreigners to Own Property across Kingdom

In a groundbreaking move to boost foreign investment and revitalize the real estate sector, the Saudi Cabinet on Monday, July 8, approved a new law permitting non-Saudis to own property across the Kingdom — a historic policy shift that aligns with the country’s ambitious Vision 2030 economic diversification strategy.

The decision marks a significant departure from longstanding restrictions that limited property ownership almost exclusively to Saudi citizens, and it is expected to have wide-reaching implications for the Kingdom’s investment climate and urban development.

According to details published by the Saudi Press Agency (SPA), the new property ownership law will apply to three main categories of non-Saudis:

-Legally resident foreigners currently living in the Kingdom under valid residency permits.

-Foreign companies licensed by the relevant Saudi authorities.

-International investors seeking to launch economic or real estate projects in the country.

Officials say the policy is designed to make Saudi Arabia a more attractive destination for global capital while fostering competition and innovation in the real estate market.

“This decision is a milestone in Saudi real estate regulation,” said an official close to the matter. “It opens up new avenues for housing development, commercial expansion, and long-term foreign involvement in our economy.”

While specific guidelines and conditions regarding property types, locations, and ownership caps are yet to be published, sources indicate that further regulatory frameworks will be rolled out in the coming months to ensure transparent and sustainable implementation.

The move is expected to stimulate activity in major urban centers such as Riyadh, Jeddah, and NEOM — the futuristic $500 billion mega-city project on the Red Sea coast.

Real estate analysts suggest that the policy could also attract wealthy expatriates and global developers, especially in the luxury and mixed-use development segments.

As part of Vision 2030, Saudi Arabia has been opening up to tourism, expanding entertainment offerings, and loosening regulatory barriers to international business. Allowing foreign ownership of property represents one of the clearest signals yet that the Kingdom is accelerating its transformation into a globally integrated economy.