Saudi Arabia approves real estate ownership by expatriates

DUBAI: Saudi Arabia has decided to allow non-Saudis living in the Kingdom to purchase real estate, according to a news report.

The country's Shoura Council, presided over by Chairman Abdullah Al-Asheikh, agreed to add a new article to the real estate and investment law to allow foreign residents to own properties in the Kingdom during its 77th session, the Arab News report said.

Muhammad Al-Ghamdi, the council's secretary-general said after the meeting that a proposal by the Shoura's Economic Affairs and Energy Committee to allow non-Saudis living in the Kingdom to purchase real estate in the country was unanimously approved.

According to Deutsche Bank AG research, Saudi Arabia -- which is the Middle East's biggest economy -- needs 1.2 million new homes by 2015.