In January, Saudi Arabia will begin reforms that will allow foreigners to own a wide range of real estate.
According to a senior official from the General Directorate of Real Estate, cited by Bloomberg, foreigners will be able to buy residential, commercial, agricultural and industrial real estate, as well as purchase land for development.
It is reported that the authorities have not yet definitively identified the zones in Riyadh, Jeddah and the Muslim holy cities of Mecca and Medina, which will be open to transactions with foreigners. The official source promises that the list of available zones, as well as the ownership rules, will be published "very soon."
The statement says that these zones will be "very extensive" and will include so-called megaprojects.It is expected that the share of non-Saudi ownership in these areas will be limited to 70-90%.
One of the most serious restrictions is already known: only Muslims will be able to buy real estate in the two holy cities of Mecca and Medina.
Source: Bloomberg
