Saudi Arabia prepares to allow foreigners to buy property
Riyadh: Members of the Saudi Majlis Shura have said that the proposal to allow non-resident foreigners to buy immovable property in Saudi Arabia should be considered.
The members of the Majlis-e-Shura demanded from the immovable property authority that clear rules be drawn up to encourage non-resident foreigners to buy immovable property and invest in the sector. Work on this proposal in collaboration with relevant agencies.
According to Saudi media, the members of the Shura Council made this demand in Wednesday’s meeting. He directed the Public Real Estate Authority to work on a proposal to allow non-resident foreigners to own property in accordance with the regulations laid down in the country.
The shura also asked the immovable property company to set up a system of strict monitoring of all its activities so that the rules and regulations of immovable property could be properly complied with.
It also said that co-operation with other relevant agencies is essential in this regard to address potential risks to the real estate market.