Saudi Arabia Allows Foreigners to Buy Property Across the Country
According to the latest news, Saudi Arabia will draft a new real estate law that will allow foreigners to purchase properties across the country.
Abdullah Alhammad, CEO of the Real Estate General Authority (REGA), said a new law in the process that would give foreigners permission and rights to buy property from non-Saudi nationals.
Foreigners can also own property throughout the country, including in the two holy cities (Makkah and Madina). Additionally, the law will cover both residential and commercial property to facilitate investors.
Abdullah added that the 45 percent increase in villa prices over the past two years is not good for the growing Saudi Arabia real estate market. A recent survey found that housing demand among Saudi residents has declined this year due to high property prices.
Middle East Research Director Faisal Durrani said that high villa prices, reaching $AR 5,000 per square meter, made property ownership a challenge for the people of Riyadh.
Durrani added that these higher interest rates led to a 34% drop in the overall number of homes sold in the city last year. Additionally, the overall number of residential properties sold in Jeddah decreased by 16%.
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