Saudi Arabia is moving ahead with plans to roll out new property rules in January that will open much of the real estate market — including parts of Mecca and Madinah — to foreign buyers, according to Bloomberg.
A senior official at the Real Estate General Authority said the coming framework will let non-Saudis purchase residential, commercial, agricultural and industrial assets, as well as undeveloped land earmarked for projects.
Designated areas in Riyadh, Jeddah and the two holy cities where foreigners can buy property are in the final stages of review and will be unveiled soon, Bloomberg reported, citing Fahad BinSulaiman, the executive director responsible for non-Saudi ownership at the regulator.
He said the zones will span large portions of each city and include major development schemes, with foreign ownership expected to be limited to between 70% and 90%.
BinSulaiman noted that only Muslims will be eligible to purchase property in Mecca and Madinah, but otherwise the rules will impose few restrictions.
“This is a substantial change from the existing system,” he told Bloomberg at the Cityscape Global event in Riyadh.
