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there must be a contract between the foreign developer and a licensed Saudi real estate broker; the Saudi broker must hold a valid commercial registration permitting “property marketing” and must have existing business premises in KSA;
Can buy or lease (2 years renewable) property in Mecca or Madinah ONLY if it is: a. business or development for financing Saudi nationals b. business, but must accord with SAMA rules c. business, but must accord with Capital Market Authority (CMA) rules
To apply for a residential real estate developer license you may use Chicago Business Direct, or meet in-person with a BACP Business Consultant at the Small Business Center. Appointments are recommended for in-person license applicants and may be made by calling 312-74-GOBIZ (744-6249).
Buying real estate in Saudi Arabia as a foreigner? We've created a guide to help you avoid pitfalls, save time, and make the best long-term investment possible. Download. This comprehensive guide covers all the essential information you need to know if you're considering buying property in Saudi Arabia as a foreigner.
For a transaction involving Saudi or GCC citizens, the following requirements must be met (with the provision of the indicated documentation): the attendance of the parties to the Sale and Purchase Agreement or their representatives providing official documents (ID/proof of representations);
The KSA real estate market. An overview. The Kingdom of Saudi Arabia’s National Transformation Programme, inspired by the Saudi Vision 2030, has brought about significant changes in the country’s real estate sector.
Saudi Arabia introduced a Regulation of Ownership of Real Estate Units and its subdivision and management as a part of its 2030 vision to promote the real estate. The law introduces a new concept to the real estate joint ownership scheme. Read more here.
