Saudi Arabia Approves Partial Land Ownership Framework to Encourage Housing Investment
Riyadh: Saudi Arabia has approved a new framework allowing investors to acquire partial ownership of land for the development of housing projects, as part of efforts to promote investment and expand the country’s housing sector.
According to Saudi media, the Council of Ministers approved the framework, enabling investors to develop planned land in exchange for partial ownership rights and build residential units for beneficiaries of housing development programs.
The decision was made during a Cabinet meeting held in Jeddah on Tuesday under the chairmanship of Crown Prince and Prime Minister Mohammed bin Salman.
The Cabinet also approved a one-year extension to the deadline for regularizing undocumented real estate transactions, giving property owners additional time to legalize their property records.
At the start of the meeting, Crown Prince Mohammed bin Salman briefed Cabinet members on his recent telephone conversation with U.S. President Donald Trump. The two leaders discussed regional developments and their implications.
The Crown Prince reaffirmed Saudi Arabia’s commitment to prioritizing dialogue to reduce regional tensions and emphasized the importance of pursuing diplomatic efforts to achieve peace, strengthen regional security, and promote stability.
