Saudi Arabia Moves to Open Its Property Market

Summary

Saudi Arabia is moving to open its real estate market to foreign buyers. The move aims to unlock capital and support a construction boom as the kingdom diversifies its economy. Bloomberg's Zainab Fattah explains the housing shortage, demand drivers, supply measures, and regulatory uncertainties. The opening is seen as a potential game changer, similar to Dubai's earlier property market liberalization.

• Saudi Arabia plans to allow foreign buyers into its property market.
• The kingdom needs about 600,000 homes before 2030, with only 111,000 being built next year.
• A rising population and large expat community underpin real housing demand.
• Riyadh apartment prices have surged nearly 100% since 2019, raising affordability concerns.
• Authorities are freeing up land and boosting supply through homebuilders.
• Investors are excited about opportunities in hospitality, residential, and commercial real estate.
• Regulatory details, including potential restrictions on foreign ownership zones, are expected later this month.
• The move is compared to Dubai's property market opening, which attracted significant investment.