Saudi keen not to hike property prices for citizens: Al-Hogail

Saudi Arabia has set a plan to attract SAR 150 billion in mortgage refinancing by 2030, aiming to draw high-quality capital and ensure the continuity of the financing cycle without disruption, Minister of Municipalities and Housing, Majed Al-Hogail, said.

Speaking to media on the sidelines of the PIF Private Sector Forum, Al-Hogail explained that regulations governing foreign ownership of real estate, including geographic zones, are nearing completion and will be announced in the first quarter of 2026. He added that the framework is being reviewed to avoid price pressures on citizens, while ensuring fairness and balance that support foreign investors in identifying opportunities, underpinned by growth in business sectors, regional headquarters and tourism.
 According to Argaam data, the General Real Estate Authority said the law regulating non-Saudi ownership of real estate has entered into force, with its provisions applied within the Kingdom’s real estate regulatory framework starting January 22, 2026.

Applications for non-Saudi ownership will be received via the official digital real estate platform, covering residents and non-residents, as well as non-Saudi companies and entities, in accordance with specified regulatory requirements.

Ownership will be permitted in Riyadh and Jeddah, and in Makkah and Madinah, under a clear framework based on a geographic zoning document to be announced in Q1 2026.

On the municipal sector, Al-Hogail added it is among the sectors most closely linked to the private sector, with objectives that include improving service quality in cities, enhancing spending efficiency, and increasing non-oil revenues.
 He added that the ministry plans to privatize 21 out of 29 municipal services by 2030, noting that more than 12 services have already been tendered, alongside investment opportunities exceeding SAR 130 billion.

Regulatory frameworks and participation models—whether through leasing, direct offering or partnerships—have helped reduce investor risk by sharing risks and revenues, ensuring broad access to opportunities for real estate developers, he concluded.