Real Estate In Saudi Arabia

Taking Advantage of Property in Saudi Arabia

First Published Date: July 19, 2010

For the first time ever, Saudi Arabia is opening its doors to foreigners who want to buy property in the oil-rich Middle Eastern country. Now unlike many other countries that allow foreigners to buy property within their borders, Saudi Arabia is going about things a bit differently. Instead of giving foreigners the ability to buy in places like Dubai, and other major cities in the country, Saudi Arabia is building a new city where it will allow foreigners to own property.

The city, which will be called, King Abdullah Economic City, will be the first freehold city located within Saudi Arabia and it is being built by the government-owned company Emaar Economic City. Named after the head of state for Saudi Arabia, the entire city is going to cost an estimated $27 billion to build, and it should be completed by around 2025. This means that if you want to own property in Saudi Arabia, you are going to have to wait about 15 years. That should give you enough time to buy property in the city, which will surely be expensive.

The city itself will be located near the city of Jeddah, and it will house roughly two million people in total. King Abdullah Economic City is just one of four cities that are being planned under a $400 billion plan created by the Saudi government to house a growing population. However, only King Abdullah Economic City will allow foreigners to own property within it.

The city is currently the home for 400 families and as the years go by, more and more families will begin to move in as the towers and buildings are completed. At this moment, mostly middle-income homeowners have bought property within the city, which lies on the shores of the Red Sea, making it one of the key points in future trade within the Middle East.

In regards to how one goes about buying property within this new Saudi Arabian city, those rules and regulations are going to be issued within the next few months. According to most reports, the new regulations for foreigners buying property within the city will cover things like foreclosures and repossessions, as well as the creation of a land registry.

If you are planning to live in one of the richest countries in the world, but also one of the strictest, then this new city may be the place for you. It will have all the modern conveniences and be incredibly high-tech. Families are already buying up property in it and it is expected that the waiting list will become quite long for the city. As a foreigner, there will be various rules and regulations you will have to agree to and follow while living in the country. As for what those are, you will simply have to stay tuned for the next couple months as the Saudi Arabian government begins to put that information together for foreigners wanting to live and/or invest in this new city.