Kathmandu. The Government of Saudi Arabia has taken an important step. Saudi Arabia has decided to allow foreigners to buy land.
As part of a plan to diversify the economy and increase foreign investment, Saudi Arabia has approved a new law allowing foreigners to buy permanent property. The law, passed On Tuesday, allows foreigners to buy land in specific areas in the capital Riyadh and the Red Sea coastal city of Jeddah.
According to the Middle East Eye report, the impact of the passage of this law related to the purchase of land is beginning to be seen. The move has led to a surge in Saudi real estate stocks.
The law is expected to come into effect from January 2026. However, Saudi Arabia’s Real Estate General Authority has not yet given much information about the rules related to it.
Opening up Saudi Arabia’s property market to foreign investment is part of Prince Mohammed bin Salman’s Vision 2030 project. The plan specifically emphasizes the opening of Saudi Arabia’s Red Sea coast to foreigners. The plan aims to develop other sectors while reducing the Saudi economy’s dependence on oil.
Saudi Arabia has started a number of large constructions in its big cities in recent years. In 2024, Saudi Arabia began building on the match in Riyadh. Which will be the largest building in the world.
Saudi Arabia is also focusing on building Red Sea resorts. Some of these resorts, such as the Ritz Carlton Reserve, have already opened.
Earlier this year, Saudi Arabia’s Capital Markets Authority (CMA) allowed foreign investment in real estate companies in religious cities such as Mecca and Medina. The historic decision to allow foreigners to invest has opened the door to real estate in Mecca and Medina for investors around the world.
According to experts, Saudi Arabia is working on a dual goal of increasing its real estate and tourism. Saudi Arabia’s aim is to attract the world’s richest people. Saudi Arabia has also tried to carry out social reforms and project its liberal image to attract foreigners. – Agency
