Saudi Arabia’s real estate market has finally opened up to foreigners, with individuals and companies able to apply through the government’s Saudi Properties portal as of last week.
The aim, according to authorities, is to attract international developers, lift the quality of projects, and stimulate the sector’s contribution to non-oil GDP. But there are still some restrictions: In Mecca and Medina, ownership remains limited to Muslims.
Property prices in the kingdom fell for the first time in five years in the last quarter of 2025, even as rents rose 8% last year, AGBI reported. Steadily rising prices had prompted a five-year rent freeze in Riyadh and tougher measures like a “white land tax” on undeveloped sites.
Just who might buy remains to be seen, but the market is attracting an unusual cast: Bill and Hillary Clinton, John Kerry, Tucker Carlson, Piers Morgan, and Boris Johnson are all due to speak at Riyadh’s Real Estate Future Forum this week.