Wanted to know about the procedure of owning property in Jeddah. I was also told by the bank that I can keep possession of the property even after leaving the Kingdom provided I get a letter from the Ministry of Interior for this. Is it possible ?
Owning Residential Accomodation
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I never heard that a non saudi could own a property here in KSA. it's forbidden for non saudis to buy properties (apartments, houses, lands...)
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nasserine wrote:I never heard that a non saudi could own a property here in KSA. it's forbidden for non saudis to buy properties (apartments, houses, lands...)
No, foreigners can buy property in KSA. Though, most of it think it's not worth.
@BAK your information is correct. I know people who own villas and apartments. But I don't know how and where to start.
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Expatriates can buy properties in KSA, even they can get loans from Saudi Home Loans for that. You can buy individual villas or apartments based on how much you can spend or secure as loan. There are developers like Dar Al Arkan who has built properties and sold specifically to expats.
The downside is there is no residence permit allowed for such property meaning its the same like you owning a car or anything in KSA. When you leave you will have to leave / sell it off , you cant stay forever or keep coming back if you dont have a valid visa.
There was a proposal at MOI at a time to allow free hold property residence permits like they do in Dubai but this by far has not yet been approved, so I dont think MOI will give you a paper as to this.
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