Saudi Arabia makes big move, Prince MBS decides to allow foreigners to…., set to change future of oil-rich nation due to..
If you are an expat residing in Saudi Arabia or the UAE and have ever wanted to purchase property in the Kingdom, then this news might bring a smile to your face! According to the Gulf News report, starting in January 2026, foreigners can own property in designated areas of Saudi Arabia. This new law is a significant change in the Kingdom’s policy as the country restructures its economy for growth and seeks more global investment. This system is part of Saudi Arabia’s Vision 2030 strategy, which focuses on decreasing the country’s oil dependence and opening the Kingdom up to the world.
Who can buy property? When will this new law come into effect?
The report further mentioned that foreign individuals and companies, including expats and international investors, will be allowed to buy property in Saudi Arabia. Saudi citizenship won’t be a prerequisite, and ownership will only be allowed within designated zones, which the government is currently deciding on.
Where can expats buy property?
According to the Gulf News, one can buy property in places such as Riyadh, Jeddah, and others unnamed specific zones that will be released soon. But Makkah and Madinah will be limited to special pre-conditions regarding religious and cultural significance. Although the entire regulatory framework has yet to be released, it is anticipated special permission or permission requirements will need to be met in order to own property in these holy cities. The law will come into effect in 2026.
What is Istitaa?
Before then, the Saudi government will have a full list of regulations released and designated locations where foreigners will be allowed to own property. This list of draft regulations will be available on the public consultation system “Istitaa” within 180 days. Individuals will also be able to view and provide comments before the final rules are ultimately finalized.
Vision 2030 is a long-term, ambitious plan to transform Saudi Arabia’s economy, reduce its reliance on oil, and modernize its society. Announced in 2016 by Crown Prince Mohammed bin Salman, Vision 2030 strives to diversify sources of revenue and develop Saudi Arabia into a global investment and tourism destination.
News