Saudi Arabia is studying a proposal to allow foreigners to own real estate. (Asharq Al-Awsat)
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.
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