Can a Non Saudi Buy a House in Saudi Arabia?
Can a Non Saudi buy a house in Saudi Arabia? This is a question asked by most foreigners residing in Saudi Arabia. Hasan bin Ishq al-Atariz is a real estate affair expert and we will be going to share his thoughts and expertise regarding the purchase of the real estate. To get our answer we should first get familiar with the rules and regulations for foreigners residing in the kingdom. There are three types of foreigners in Saudia, those who have a general status, the second is an investor, and the third one is diplomats.
According to Al-Atariz, if you are among the unique iqama-holder foreigners, you don’t require any kind of approval from the Ministry of Interior. They are allowed to directly buy a property in Saudi Arabia. Foreign investors have the right to legally purchase the property for investment purposes or a company. It cannot be bought individually. You will have to buy the property through the Investment Authority for the investee company. Iqama holders living in Saudi Arabia for more than 5 years can buy various types of properties such as bungalows, flats, and residential plots.
Al-Atariz said that the old Iqama holders cannot buy property in every sector of the Ministry of Settlement. They can buy property in the private sector only. The installments option is also available but only from companies and foreign banks registered with the Central Bank in Saudi Arabia. There’s no tax imposed when buying foreign property, but the tax imposed on residential property will be collected.
Foreigners can list their bungalows or flats for rent through ‘ejaar’ net. EJARNET is a great app to find the best real estate deals. It holds scope for foreign owners. A foreigner can only buy one bungalow or house and the registry will be in his name. Unfortunately, they don’t have the authority to buy property in Makkah or Madinah.
We hope you got the answer regarding, whether can a Non Saudi buy a house in Saudi Arabia. There are some laws and regulations needed to be followed. Saudi Arabia is all about respecting and following the rules of the Kingdom.