Islamic Finance

Saudi Shura Council calls for allowing foreign ownership of real estate

Published 10 Jun,2021 via Asharq Alawsat (English Edition) - The Saudi Shura Council called for allowing non-resident foreigners to own real estate in the Kingdom while coordinating with the relevant authorities to set clear controls and rules.

The Shura Council called on the Real Estate General Authority to enhance its oversight and follow up on the adherence to the rules and standards it has set for the real estate activities.

It also indicated that the Authority must coordinate with the concerned authorities to ensure real estate stability and reduce market risks.

Last year, the cabinet approved the updated comprehensive strategy of the real estate sector, which aims to develop and organize the sector and boost its contribution to the gross domestic product.

The strategy is comprised of four key pillars including sector governance and sustainability, as well as market efficiency along with partners’ servicing that covers the development of measures and policies to resolve real estate disputes.

Estimated at more than SR1 trillion, Saudi Arabia’s real estate market is one of the most attractive sectors for investment, while the housing sector is helping the growth of 120 other sectors.

The annual increase in the housing market prompted the relevant stakeholders in this sector to develop systems aiming to attract more investments.

In a step to support partnership with the private sector, the Saudi Cabinet approved the exemption of government entities that rent buildings built within investment projects concluded between the General Authority for State Properties with other investors on state-owned lands, from Article (7) of Property Rental and Eviction Law.

Minister of Finance Mohammed al-Jadaan said that the exemption is expected to provide further support for the public-private partnership (PPP).

It also contributes to strengthening the development roles of the General Authority for State Real Estate in accordance with Vision 2030.

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