Saudi's Shoura proposes allowing non-resident foreigners to own real estate

Riyadh - The Shoura Council urged the authority to coordinate with the concerned authorities to ensure stability in the real estate sector

Saudi Arabia’s Shoura Council has called on the Real Estate General Authority to coordinate with the relevant authorities to study its proposal allowing non-resident foreign individuals to own real estate in Saudi Arabia amid specific controls, local media has reported.

The Shoura Council also called on the authority on Wednesday to ensure transparent governance for the entities it established, such as the Saudi Real Estate Institute, the Saudi Center for Real Estate Arbitration and the Center for Research and Studies.

The authority has been asked to strengthen the supervisory role in all of its work so that it can follow up on compliance with the rules and standards it has set for the real estate activities.