Saudi Arabia has taken a big decision for the economic development of its country and opened its real estate market to foreign citizens. Under this, foreign citizens or companies will now be able to buy property here. This step is part of Saudi Arabia's Vision 2030. But can you buy property in Mecca and Medina? Let's know about Saudi's new property law.
Who can buy property?
Foreign citizens who are legally living in saudi arabia can buy property in other cities of the country except Mecca and Medina. Foreign companies doing business in Saudi can buy property for their office or employees. Apart from this, embassies and international institutions can take property for office after government approval.
Why restrictions in Mecca Medina?
Let us tell you that there has been no change in the rules for buying property in holy cities like Mecca and Medina, the rules here are still strict. Non-Muslims are not allowed to buy property for personal use in these cities. Muslim citizens will also get property ownership rights here only under special circumstances and strict conditions. These restrictions have been implemented to maintain religious and cultural importance in these cities. In such a situation, according to the rule, no foreigner can buy property here. There will be a ban on buying property in cities like Mecca Medina.
What is the new law?
Under the new law, registration will be mandatory to buy property. Foreign buyers will have to pay a transfer fee of up to 5 percent on property purchase. If someone breaks the rules, he can be fined heavily and the government can also confiscate the property. An appeal can be made in court within 60 days against the decision of the Special Enforcement Committee. The Saudi government will issue detailed rules and procedures in the next six months, which will explain in which areas property can be purchased, how to apply and what documents will be required.
When will the rules be issued?
The government can issue all the necessary information including detailed rules and procedures in the next 6 months. Its aim is to improve other areas by reducing dependence on oil.
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