In a first, the Kingdom of Saudi Arabia has allowed its legal residents, of any nationality an entitlement to a single property in the kingdom. This policy of foreigners buying property in KSA has opened new doors to what is being viewed as an investment tool which will surely allow the oil-rich country to rapidly develop its real estate market. If you are a legal resident of the KSA, this blog will help you plan your overseas investment, so carefully read through the details.
Foreigners buying property in KSA
The KSA has allowed non-Saudis, legal residents of the country, to buy single property. Details of this new policy have been shared at the e-service platform Absher which is used by all residents and visa holders in the kingdom to avail a range of government services. Absher online service is a platform that is readily used by all prospective and current visa holders in the kingdom. Absher smartphone application also provides services including renewing passports, applying for ID cards, paying traffic tickets, applying for or renewing migrant workers’ visas, and obtaining hajj (pilgrimage) permits.
By logging onto the portal, any legal resident of the Kingdom can browse through the process and apply. There is a three-point criteria which you must adhere to in order to be eligible for buying property. The criterion is as follows:
1. A genuine and unexpired residency ID is required of the foreigner (Muqeem).
2. The applicant must submit all details of the property as well as a copy of the title deed.
3. He or she should not own any additional land in the Kingdom.
Let’s look at more details regarding the kind of property and its usage so if you are planning to invest, you can make an informed decision.
Options for foreigners buying property in KSA
For all foreigners buying properties, there are certain conditions that have to be fulfilled. These conditions are:
- The property has to be located inside a residential area and should not exceed 3,000 sq m.
- The property can only be owned for residential use for the owner and their family, and a special permission is needed if the owner wants to use the property for any other purpose.
This highlights that the property being owned by expatriates in the KSA can solely be for residential purposes, and not commercial. This is especially a welcome move for the thousands of laborers who have been working in the KSA for decades as they can now finally have their dreams of owning a house fulfilled. This will also facilitate the laborers and their employment prospects here.
You can easily buy property by filling out an online application at the Absher e-service platform by following these simple procedures.
How to Buy Property in KSA Using Abshere E-service App
On the Absher mobile application, click on My Services (khidmaty)
Here, you’ll find the option of Services (Khidmat), by clicking on which you should choose General Services (Al-Khidmat) from the drop-down menu.
From the extensive drop-down menu, you then need to choose Application for owning real estate for non-Saudis to fill out the online application form for owning property in the KSA.
In addition to this, the KSA has launched a range of other real estate initiatives as well. These are primarily related to real estate advertising. As per the government of KSA, only citizens are allowed to advertise their property (residential or commercial) which is registered with the National Single Sign-On Platform (NAFAZ). Apart from the property owner, legal agent or a real estate broker who are authorized with or without a court order can advertise the property. This policy instrument will be in effect from September, 2021.