Saudi Arabia has confirmed that reforms enabling foreign nationals to own a wide range of real estate — including property in the holy cities — are progressing as planned and will take effect from January. A senior official at the Real Estate General Authority (REGA) said non-Saudis will be permitted to purchase residential, commercial, agricultural and industrial properties, as well as acquire land for development. Designated zones for foreign ownership in Riyadh, Jeddah, Mecca and Madinah are currently under review and will be published shortly along with the final regulations. According to Fahad BinSulaiman, executive director for non-Saudi real estate ownership at REGA, the zones are expected to be “very wide” and will include major mega-projects. The proportion of foreign ownership permitted in these areas will likely be capped at between 70 per cent and 90 per cent. BinSulaiman clarified that buyers must be Muslim to purchase property in the two holy cities but will face no significant restrictions elsewhere. “There are not big conditions. We don’t want to restrict,” he said during an interview at Cityscape Global in Riyadh. He added that the difference between the current law and the updated framework is “significant”. The comments confirm previously suggested timelines and offer clarity ahead of the formal release of regulations, which are now in the final approval stage. Saudi Arabia approved an overhaul of its property ownership laws in July as part of efforts to attract foreign investment and advance its Vision 2030 diversification strategy. The real estate sector has become a central focus this year, as limited housing supply poses challenges in attracting companies, skilled professionals and capital to Riyadh. Regulators are also easing rules in capital markets and expect to soon permit majority foreign ownership of Saudi-listed stocks. To support the reforms, REGA has launched a portal called Saudi Properties, designed to facilitate purchases by listing eligible assets and designated ownership zones. BinSulaiman said the zones are being planned to minimise investment risk while maintaining balance in the wider property market. “Our main purpose is to fully open the market, to enable the foreigner to visit Saudi, to buy and to supply real estate,” he said.