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According To Reports, Saudi Arabia Will Allow Foreigners To Buy Property

PARIS, France - According to a Saudi Gazette story, Saudi Arabia is drafting new legislation that would let foreigners own real estate anywhere in the Kingdom.

According to Abdullah Alhammad, CEO of the Real Estate General Authority (REGA), new legislation is being drafted that would enable non - Saudi nationals to purchase property in all regions of the Kingdom, including Makkah and Madinah.

The significant property legislation revision will apply to both residential and commercial property.

''The initial reading of the law shows that it allows foreigners to own property everywhere in the Kingdom, including Makkah and Madinah'', Alhammad added.

''The negative effects of foreign ownership of the property were monitored in advance so as to avoid them, and solutions were developed for all problems and unacceptable practices''.

The remarks were made on Rotana Khalejia Television's Al - Liwan show.

In certain regions of Saudi Arabia, villa prices have risen by more than 45 percent in the last two years, damping interest from many potential purchasers.

Alhammad stated that the Kingdom's open property market is subject to the laws of supply and demand, and that rising property prices are big a problem for Saudi Arabia's booming real estate sector.



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