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The real estate market in the Kingdom of Saudi Arabia is recording remarkable growth recently. With homebuyers looking for affordable apartments for sale in Riyadh and other big cities, the real estate market in the Kingdom of Saudi Arabia Riyadh has shown a fast growth rate in the past two years.
Despite the great challenges that faced the real estate market in Saudi Arabia in past, the developers in the Middle East under the guidance of the visionary leadership of Saudi, developed smaller living spaces like affordable apartments for sale in Riyadh, Jeddah and several cities across the Kingdom. By allowing property ownership for foreigners in certain areas, the country has witnessed a boom in the demand for residential properties.
There are many residential options available in a progressive city like Riyadh. The recent government legislation worked to address some of the real estate challenges that existed in the past, as the Saudi government imposed some changes in order to strengthen the real estate market, including the launch of some initiatives and programs for investment in future cities such as Riyadh. This is directed to meet the demand for housing by attracting developers and realtors. Moreover, mortgage criteria have also become flexible, so potential buyers are encouraged to opt for loans and invest in the promising real estate sector. With such strategic and innovative progression, buying reasonable flats in Riyadh has become easier than ever.
There are 5 conditions that apply to foreigners to own an apartment or any property in Saudi Arabia, and they are as follows:
Many buyers are trying to find affordable apartments in Riyadh, in addition to other major cities. Moreover, increased job opportunities are accelerating the growth of the Saudi economy, as well as attracting talent from all over the world. Laws in the Kingdom of Saudi Arabia now allow expatriates to buy one property in the Kingdom, a step that has greatly enhanced the entry of foreign investors into the real estate sector in the Kingdom, and has also led to an increase in demand for residential properties and rising property prices.