As an attractive destination for talents and investments, many expats aspire to own a home in Saudi Arabia. According to Knight Frank’s inaugural Destination Saudi report 2024, 77% of Saudi-based expats want to own a home in the Kingdom, with Riyadh and Jeddah at the top, 44% and 24% respectively.
The Kingdom has allowed non-Saudi residents to buy property, through Absher online platform. To be eligible, the applicant must adhere to 3 criteria:
- The applicant must have a genuine and unexpired residency ID
- The applicant must submit all details of the property
- The applicant should not own any additional land in the Kingdom
Foreigners can own a property in Saudi Arabia under the Premium Residency Program, launched in 2019. The program gives foreign nationals the right to live, work, and own business and property in the Kingdom.
Under the program, foreign nationals are eligible to own residential, commercial and industrial property in all areas of the region, except Mecca, Medina and border regions.
On Jan. 10, the Kingdom launched 5 premium residency products, including Property Owner Residency for foreigners seeking to obtain a property and settle in Saudi Arabia.
To be eligible for this category, the foreigner must own or benefit from property assets worth no less than SAR 4 million in Saudi Arabia. The property must be residential, already developed, and not mortgaged. Also, the property must be appraised by valuers accredited by the Saudi Authority (TAQEEM).
