Foreign investors are allowed to engage in real estate business outside Makkah and Madinah
Saudi Gazette report
RIYADH — The Ministry of Investment revealed that foreign investors are allowed to own and sell real estate for the purpose of carrying out their investment activities. The ministry cited some conditions for foreign investors to obtain permission to engage in such business. Most notable among these conditions are that the property is located outside the boundaries of the holy cities of Makkah and Madinah, and that the purpose of selling the real estate is not for commercial speculation, which refers to buying and selling assets such as stocks, commodities, or real estate with the expectation of profiting from price fluctuations. Speculators take on high-risk, high-reward investments in hopes of making quick gains.
According to a recent report from the ministry, foreign investor firms are required to obtain the ministry's approval to own real estate in terms of personal residences, industrial facility headquarters, company administrative headquarters, residential facilities for employees, and warehouses.
The ministry indicated that there is no financial fee for this service, and that the service is provided by the ministry to beneficiaries through the ministry's e-services portal within five business days.
Regarding the documents required to submit for the provision of the service, the ministry indicated the necessity of submitting a copy of the municipality's building permit or a letter of approval from the municipality, or a statement indicating the type of use of the land to be acquired issued by an official authority, and a copy of the deed to be acquired.
Real estate development establishments seeking to implement a real estate project or sell it are required to submit a report from an engineering office accredited by the Saudi Council of Engineers detailing the total cost of the project, as well as a copy of the deed to be acquired or sold. The project cost must be no less than SR30 million for land and construction, and must be located outside the boundaries of Makkah and Madinah. The establishment must also commit to utilize the land to be acquired within five years.
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