Saudi Shoura Council Allows Expats to Own Property in the Kingdom
The Saudi Shoura Council on Sunday agreed to add a new article to the real estate and investment law to allow foreign residents to own properties in the Kingdom. This enables expats to purchase property in Saudi Arabia.
Saudi Shoura Council Allows Expats to Own Property in the Kingdom
The Saudi Shoura Council on Sunday decided to allow foreign residents to own real estate in the Kingdom. For this purpose, a new article will be added to the real estate and investment law.
At the 77th session of the Council, presided over by the Chairman Abdullah Al-Asheikh , a proposal by the Shoura's Economic Affairs and Energy Committee to allow non-Saudis living in the Kingdom to purchase real estate in the country was unanimously approved. This was stated by Council's secretary-general, Muhammad Al-Ghamdi, in Riyadh.
According to a survey by the Deutsche Bank AG research, Saudi Arabia, the Middle East's biggest economy, needs 1.2 million new homes by 2015. A leading Riyadh-based company has already launched a scheme recently to provide mortgage loans to expatriates. Samer Farhoud, chief executive officer of Deutsche Gulf Finance, said the program was designed specifically to meet the needs of expatriates residing in the Kingdom who wish to own their homes, with a repayment period of up to 30 years.
The Shoura also re-examined a proposal from the Saudi Council of Engineers and the Council of Saudi Chambers of Commerce and Industry (SCCCI) to impose a health insurance mandatory for engineers and architects.
Job oriented