RIYADH – According to Saudi Arabia’s real estate authority, foreigners will soon be able to own property across Saudi Arabia, including in the Muslim holy cities of Mecca and Medina.
Only Muslim Foreigners Can Buy Land in Makkah and Madinah
Abdullah Alhamad, CEO of the Real Estate General Authority, told Saudi channel Rotana Khalijiya last week that non-Saudis could purchase agricultural, commercial, and residential properties in the country.
Shortly, Alhamad will provide more details on how the purchases will work.
According to Alhamad, the decision applies to “all places” but would be “subject to controls” in Mecca and Medina, where non-Muslim entry is heavily restricted.
A $500 billion megacity, known as NEOM, is part of Saudi Arabia’s ambitious Vision 2030 plans.
As of 2021, foreigners can own property in Riyadh through investment funds, but only indirectly.
Last year, the investment minister proposed allowing foreigners to own properties outright.
Certain investment zones are usually restricted to foreign property ownership in Gulf states.