Saudi Arabia recently enacted a pioneering foreign ownership legislation—taking effect January 2026—enabling foreigners to acquire property in designated urban areas such as Riyadh and Jeddah, with regulated access in holy cities Mecca and Medina. Once restricted to temporary residence, expatriates and foreign companies will soon directly own property, joining the Kingdom’s Vision 2030 diversification objectives.
This change is creating interest among Gulf developers, such as heavyweights Emaar and Damac, who are now looking to pursue large-scale developments—from residential towers to mixed-use communities. High-end launches such as the Trump Tower in Jeddah have already demonstrated market appetite and indicate the kind of top-end developments entering the pipeline.
Land values are shooting up in reply. Key Riyadh plots now sell for SR 6,000–8,000/m² (\\~Dh 585–780/ft²), while Red Sea corridor beachfront sells for SR 3,500–4,500/m² after a 40% price surge in 18 months. The duo of premium residencies and FDI is expected to drive 2025 real estate deals to more than SAR 109 billion (\\~\\$29 bn).
Beyond typical GCC investors, international developers and capital are gearing up to tap into Saudi’s real estate transformation. Opening investment channels sets the stage for a massive wave of construction, modern housing, hospitality offerings, and infrastructure projects, with potential to surpass Dubai’s appeal to foreign property buyers by 2030.
