The Saudi Ministry of Investment has introduced a new plan with the aim of providing more opportunities for foreign investors in the real estate sector in Saudi Arabia. Foreigners who want to invest in Saudi Arabia can buy their own land in the country.
For personal residence, industrial purposes, establishing a company headquarters, or for providing accommodation for employees, foreign investment firms wishing to build warehouses or acquire real estate must seek approval from the Ministry of Investment. An application can be made through the Ministry's e-services portal and approval will be received within five working days. There is no separate fee. The land purchased must be outside the borders of the holy cities of Mecca and Medina, and permission will be granted only for real estate transactions aimed at long-term investment. Documents required for acquiring land and other things: a copy of the municipality's building permit, an approval letter from the municipality or a statement indicating the intended use of the land issued by an official authority. Copy of the property deed is mandatory.
To implement or sell a real estate project, real estate development companies also require a report detailing the total project cost from an engineering office accredited by the Saudi Council of Engineers.The proposal also states that the project cost for land and construction should not be less than 30 million riyals. The property purchased must be used for project development within five years. As part of Saudi Arabia's Vision 2030, huge investment opportunities are opening up in various sectors such as tourism, technology, energy, construction, and mining. The establishment of special economic zones has also made investment more attractive.
Saudi Arabia also provides great encouragement to environmentally friendly projects and sustainable development initiatives.
