Saudi Gazette, 10 June 2021: Saudi Arabia’s Shoura Council has submitted a proposal, which if approved, will allow foreigners to own property in the country.
However, they would only be able to do so in line with specific conditions.
They have submitted it to the Real Estate General Authority.
They have also urged the Authority to monitor the governance of entities it regulates including the Saudi Real Estate Institute, the Saudi Centre for Real Estate Arbitration and the Centre for Research and Studies.
In addition, they have asked the Authority to boost its supervisory role in all of its work and work with the relevant authorities to ensure stability in the real estate sector and reduce risks which may occur in the real estate market.
They should prepare its annual report in line with the Royal Decree regarding the rules for preparing annual reports for Ministries, Institutions and Government agencies as well.
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