REGA chief: Foreigners will be allowed to own property in Saudi Arabia

REGA chief: Foreigners will be allowed to own property in Saudi Arabia

Okaz/Saudi Gazette RIYADH — Abdullah Alhammad, CEO of the Real Estate General Authority (REGA), acknowledged that real estate prices are high owing to a gap between demand and supply in Saudi Arabia. Attending Al-Liwan program on Rotana Khalejia Television channel, the authority chief stated that foreigners will be allowed to own real estate soon. The authority is not satisfied with the high real estate prices, and this rise is negative for the real estate sector as a whole Alhammad said while noting that the real estate market is an open market and it is subject to supply and demand. “The rise in real estate prices is negative for all parties, as the economy is in continuous rotation, and the state is working to enable demand in a way that achieves economic balance for the real estate sector.” He stated that the largest percentage of those who seek real estate today do not have purchasing power, and the price of the property today is higher than the purchasing power, and therefore it is not easy to obtain a suitable property. “The investors were also affected by the high prices of the real estate, due to the high prices of the land,