Saudi Arabia » The Purchase Process

As a corollary to the Foreign Investment Law, enacted in April 2000 to encourage non-Saudi investment in the Kingdom, the government announced a new Real Estate Law seven months later. The Council of Ministers endorsed a new Saudi Real Estate Law to allow foreigners to own, sell and invest in the Real Estate Market.

Two towers have been offered, one by the well-respected Bin Laden Group, which claimed 60% commitments at launch.

The price is negotiated between buyer and seller and facilitators, including land brokers and lawyers, who tend to arrange for private land sales. Once a private purchase agreement has been negotiated, an investor must go to the local Sharia Court to ensure that the land in question is really owned by the seller, and must record transfer of title. The Court will stamp the title document to indicate the legal transfer of ownership.