The kingdom of Saudi Arabia is the largest Arab state by land in western Asia. Saudi Arabia has a strategic position in the Arab peninsula because of its neighboring border with Iraq, Jordan, Kuwait, Oman, Qatar, Bahrain, UAE and Yemen. The Kingdom has access to both, the red sea and the Persian Gulf. KSA is an Islamic state with an absolute monarchy and the official currency is Riyal. The economy of the country is backed by oil production and the Kingdom is the largest oil producer in the world. After the discovery of oil many foreigners moved to KSA including people from US, South Asia and other Middle Eastern countries.
Real Estate in Kingdom of Saudi Arabia
Saudi Arabia has one of the most lavish, modern and beautiful real estates in the world. There are hundreds of real estate projects that are currently under development by different companies including Murabahat, Emaar and Aramco. Properties in Saudi Arabia are quite expensive as compared to many other parts of the world and although it is affordable by the upper class, many people who fall in the socio-economic class B & C can’t afford it and live on rent. The type of real estate properties varies in KSA and usually the following types of properties are available both for purchase and rent:
- Residential Home
- Hotel Unit
- Vacation Home
- Commercial Building
Aqarat4u is an online real estate agency that lists down all these real estate properties classified under different categories. Anyone all over the world can list their properties and buy/sell/rent them accordingly.
Buying a Property in Saudi Arabia
As a Saudi national (people who have KSA nationality) it is very easy to purchase a property if you are wealthy enough to afford it. You simply have to contact a competent realtor and the parties involved, to purchase the property. However if you are a foreigner and want to purchase a property in KSA then you have to follow several rules. The best way is to contact a real estate agency like Aqarat4u and get all the relevant details.
Foreigners can purchase and own real estate in KSA but require prior approval from the licensing authority (Ministry of Interior) along with a strong sponsorship. This is not applicable for Mecca & Medina as no foreigner is allowed to purchase a property in these cities. They can however lease properties for a period of up to 2 years after which they have to renew their lease.
Foreign investors can also purchase land for construction and investment but require prior approval from SAGIA (Saudi Arabian General Investment Authority). Apart from other criteria, the primary rule for investment in KSA is that the project should have a value greater than 30 Million SAR. Business owners and investors can also purchase property for their workers. The contract is negotiated between buyer and seller and third-party facilitators like lawyers and realtors help facilitate the process. Once the contract has been finalized then the investor will have to go to the local sharia court for title transfer and confirmation of ownership.