Saudi real estate opens up but investors must watch tax costs

NEW RULES OPEN ACCESS TO VISION 2030 PROJECTS BUT WITH CONDITIONS

- BY MANOJ NAIR Business Editor

Saudi Arabia has passed a new law allowing foreign investors to acquire property, but there are specific rules and restrictions investors must follow to fully benefit from this opportunity in a market that continues to grow at strong double-digit rates.

The next stage, according to Saudi authorities, will involve the Real Estate General Authority identifying eligible areas for foreign ownership, expected to include key cities like Riyadh and Jeddah.

“Detailed executive regulations will be released within six months via the ‘Istitlaa’ platform for public consultation,” said Naveen Sharma, Chairman of the Taxation Society.

Significant interest