Saudi Arabia
Foreigners are permitted to buy and own real estate in Saudi Arabia, however, it is subjected to the approval of the licensing authority. It is important to mention that foreign ownership in terms of property is forbidden in the cities of Mecca and Medina, except by the way of inheritance. Non Saudi-Muslims can obtain lease up to two years in these particular cities. These leases are renewable for the same time period.
Buying a property in Saudi Arabia could be similar to making an investment, however, it is always suggested to be ready to take into account the requirements of the property. Different costs such as maintenance, mortgage processing fees, cost of settlement, down payments as well as building insurance shall also be considered while buying property in Saudi Arabia.
The foreign investors are also given a permission to purchase private land in the country for the purpose of investment and construction. However, this process requires a prior approval from the government and projects and buildings for this purpose must be valued for more than SAR30 million respectively, including land as well as construction costs.
The price of the property could be negotiated in between the buyer and seller facilitators including the lawyers as well as land brokers who arrange for the private land sales. Once the agreement of private purchase has been negotiated, an investor must visit the local Sharia Court in order to make sure that the land in question is owned by the seller and the transfer of the title must be recorded in this context.
Finally, the court stamps the title document in order to indicate the legal transfer of ownership. The entire process of registering the property within the country has three different procedures and the same takes a period of six days in completion. Lastly, various taxes are levied upon buying property in Saudi Arabia.
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