Saudi to allow foreigners to own property
Foreigners will be allowed to own property for the first time in Saudi Arabia once King Abdullah Economic City (KAEC), one of four metropolitan areas in the Kingdom, is built.
The Economic Cities Act was passed two months ago as the first step to giving non-Saudis the right to invest in bricks and mortar. Regulations putting the act into effect are expected to come through within a few months.
In an interview with Bloomberg, Emaar Economic City’s chief executive Fahd Al-Rasheed, said: “This is the first freehold city in Saudi Arabia. A lot of people want to invest in the Saudi market and see it as a frontier for real estate investment because of the population explosion here.”
Property developer Emaar Economic City is building KAEC at a cost of $27bn project. Completion of the development, which will cover the same area as Brussels, is expected by 2025.
Located about one hour from Jeddah, the city is designed to generate one million jobs and house two million people.
Saudi’s government is creating KAEC as part of a $400bn strategy to diversify the Kingdom’s economy away from oil and support a population that has more than doubled to 25.5 million since 1986.
The other three developments planned are Prince Abdul Aziz bin Mousaed Economic City in Hail, Knowledge Economic City in Medina and Jazan Economic City in Jazan.
Could you send me more detailed imformation.
Its great to know as its never late. Just to say the authority should also think about the residency visa which can be attached with property title deed.
Good Idea , supporting the economy and open chances for investors for comming era
Ummm, it’s been done, it’s called Dubai and look where that stands now. People don’t invest in properties, just because they’re now allowed to, there’s a geographical component to the decision and a true economic decision is made with a proper cost-benefit analysis. Not, just blindly trying to copy every Gulf-Arab nation. Notice Prince Al-Waleed isn’t part of this “investment”, yeah the 5th richest man in the world, doesn’t believe in it. That should tell everyone something. When are these people going to learn it’s not about the big buildings you build, but the society and infrastructure and social behavior that you encourage. Stop building tall buildings and start building the minds of your 25.5M population…. Happy to discuss this with anyone.