Saudi Arabia property market opens to foreign buyers under Vision 2030

Saudi Arabia’s real estate sector is undergoing major reforms to attract foreign investment as part of Crown Prince Mohammed bin Salman’s Vision 2030 economic diversification plan. The government now permits non-Saudi nationals to buy, own, and sell property in designated zones across Riyadh, Jeddah, the Eastern Province, and large-scale development areas, ending previous lease-based restrictions. Foreign investors can acquire residential units in mixed-use communities, commercial real estate like retail and hospitality assets, or investment portfolios through registered funds. Those spending at least SAR 4 million (USD 1.07 million) qualify for the Premium Residency program, offering renewable long-term visas and full business ownership rights. Regulatory bodies like the Real Estate General Authority (REGA) ensure transparency through developer licensing and escrow protections. Riyadh is leading with SAR 1 trillion in infrastructure investments, including metro expansions and projects like Trump Mansions (starting at SAR 17.45 million) and Altara Diriyah Plots. Jeddah is expanding waterfront developments such as Trump Tower Jeddah and Amaya Mansions, with tourism arrivals projected to triple by 2030. Secondary cities like Khobar and Dammam are growing as industrial hubs, supported by Saudi Aramco’s workforce housing needs. Property prices are rising 6-8% annually, with rental yields between 4% and 7% for mid-range units. Expo 2030 Riyadh is expected to draw 40 million visitors by 2028-2030, potentially driving 25-35% appreciation in prime locations. Long-term projections for 2031-2035 anticipate 5% annual growth, fueled by population increases and private sector hiring. Saudi Aramco’s expansion is further shaping the market, with thousands of employees requiring housing near industrial sites. The company’s global partnerships and renewable energy investments are also attracting international executives. Institutional investors, REITs, and sovereign funds are increasingly active as the market matures under the new ownership rules.