Saudi Arabia will now allow foreigners living legally in the country to own a single property there, local reports have said.
Interested individuals may use Saudi Arabia’s Absher platform to go about acquiring property in the country.
Absher is a smartphone app that gives Saudi Arabia’s citizens and residents access to a variety of governmental services.
It said expatriates must fulfil three requirements in order to buy a property in the kingdom.
The first of these is that the applicant should have a valid and unexpired residency ID, issued through the Muqeem platform, said the reports.
The second is that the foreigner must provide all information about the property along with a copy of the title deed.
The third is that the individual should not already have another property in the country.
However, there is no official word on what would happen if the residence ID expired or the person moved out of the country after buying property.
Those interested may first log on to the Absher platform and then the accessing My Services or Khidmaty area.
There, they may find the Services or Khidmat section, wherein they will encounter the General Services or Al-Khidmatul Aamma subsection.
Within it, they may find the application for non-Saudis to own real estate in the country, said the local reports.
Saudi Arabia has over the past year seen its economy rocked by multiple factors, including falling oil prices, a falling demand for oil amid the Covid-19 pandemic, a global push for renewable energy, and overall stagnation of economic activity due to the pandemic.
This new move could make Saudi Arabia appear more expat-friendly as the nation looks to project itself as a regional hub of business activity.
