Saudi Arabia recently implemented a law allowing foreigners to own property in designated zones, with clear rules and restrictions. While ownership in holy cities like Makkah and Madinah is still limited, the law creates opportunities for foreign individuals and companies in designated areas. The new regulations, effective 180 days after the official announcement, aim to attract investment while preserving cultural sensitivities. Specific areas have been identified where foreigners can purchase property, with defined ownership limits and types of property rights allowed. Foreigners must register their property ownership, and violations can lead to hefty fines and property confiscation. The law also outlines rules for individuals, corporations, diplomatic missions, and international organizations regarding property ownership in Saudi Arabia.
