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Saudi Shoura Council calls for non-resident foreigners to be given the right to own property
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The Real Estate General Authority will finally decide on the Shoura Council’s proposal
Non-resident foreign individuals might now be permitted to own real estate in Saudi Arabia, albeit with “specific controls.” The Shoura Council has called on the Real Estate General Authority to coordinate with the relevant authorities to study its proposal allowing non-resident foreign individuals to own real estate in Saudi Arabia amid specific controls.
According to the Saudi Gazette, the Shoura Council also called on the authority on Wednesday to ensure transparent governance for the entities it established, such as the Saudi Real Estate Institute, the Saudi Center for Real Estate Arbitration and the Center for Research and Studies.
The authority has been asked to strengthen the supervisory role in all of its work so that it can follow up on compliance with the rules and standards it has set for the real estate activities.
The Shoura Council urged the authority to coordinate with the concerned authorities to ensure stability in the real estate sector and reduce risks that may occur in the real estate market.
The council pointed out that the authority should prepare its annual report in line with the royal decree regarding the rules for preparing annual reports for ministries, institutions, and government agencies.
The Shoura Council called for supporting the authority’s budget to enable it to carry out tasks entrusted to it, complete its projects, and hire more workforce to achieve its goals.