Saudi Arabia: Real Estate Law Amendments Proposed

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Saudi Arabia: Real Estate Law Amendments Proposed

Saudi Gazette, 19 April 2022: The Saudi Arabian authorities have proposed amendments to the Kingdom’s Real Estate Law.

Under the proposed amendments to the Law on Real Estate Ownership and Investment by non-Saudis, foreign diplomatic missions accredited to the Kingdom will be able to own their official headquarters and residences of the head of their missions and their members. They will be able to do so on a reciprocal basis.

International and regional organisations will also be able to own their official headquarters. They will be able to do so in line with the limits of the agreements governing them. Ownership will be granted providing a licence is obtained from the Foreign Affairs Minister.

The amendments have been proposed to raise and improve the efficiency and effectiveness of the procedures and controls related to the ownership or use of real estate by non-Saudis in cities and economic zones in the Kingdom targeted for development, including Mecca and Madina.

It targets non-Saudi natural and legal persons, who are either residents or non-residents, as well as citizens of the GCC states.

It states it is not permissible, other than through inheritance, to acquire the right to own, use or have easement over real estate located within the boundaries of the Two Holy Mosques, for those banned from entering there.

The proposed Law will not prejudice the acquisition of the right of ownership or any other original right over real estate through inheritance, as well as the regulations and decisions of the Cabinet and the Royal Orders which prevent ownership in some locations.

The existing Law on Real Estate Ownership and Investment by non-Saudis would be repealed. The new law will come into force 90 days after it has been published in the Official Gazette. The Implementing Regulations to the Law will be issued by an Order from the Prime Minister.

Also reported in Okaz on 19 April 2022. For full story, click here.

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Benjamin Filaferro