Saudi Arabia to Allow Expatriates to Purchase Real Estate

Strategic Insights -

Saudi Arabia has decided to allow expatriates living in the kingdom to purchase real estate, a move that comes as the country faces a severe housing shortage. According to Arab News, the Shoura Council has agreed to add a new article to the real estate and investment law to permit foreign residents to own properties in the country. This decision is seen as a significant step towards addressing the country's housing needs, particularly given Deutsche Bank AG's research that estimates a shortage of 1.2 million new homes by 2015.

Key Takeaways:

  • The Shoura Council has agreed to amend the real estate and investment law to allow expatriates to purchase real estate in Saudi Arabia.
  • The move aims to address a severe housing shortage in the country, with Deutsche Bank AG estimating a need for 1.2 million new homes by 2015.
  • Expatriates living in Saudi Arabia will be permitted to own properties in the country under the new law.
  • This decision is seen as a significant step towards addressing the country's housing needs and promoting economic growth.
  • The amendment to the law is a response to the growing number of expatriates living in Saudi Arabia, who have been facing difficulties renting properties.

Statistics:

  • Saudi Arabia needs 1.2 million new homes by 2015, according to Deutsche Bank AG research (Source: Arab News).
  • The country's real estate and investment law will be amended to permit expatriates to own properties (Source: Arab News).
  • The amendment to the law is aimed at promoting economic growth and addressing the country's housing shortage (Source: Arab News).

Sources:

  • Arab News, February 4, 2011.
  • Deutsche Bank AG research, cited in Arab News, February 4, 2011.