Saudi Arabia’s Red Sea development is becoming the first place where the Kingdom’s newly opened property market is being tested in practice, with international buyers already completing purchases under rules that took effect this month, according to Driven Properties CEO Abdullah Al Ajaji. “We’re already seeing buyers pull the trigger,” Al Ajaji told Arabian Business, referring to foreign investors acquiring residential units at the Red Sea following the introduction of a unified national framework allowing non-Saudis to own property in designated areas. The new Law on Non-Saudis’ Ownership of Real Estate has come into force this month, replacing a restrictive system that had been in place since 2000. The legislation allows foreign individuals and entities to buy residential, commercial, industrial and agricultural property within zones to be identified by the Council of Ministers on the recommendation of the Real Estate General Authority. While the designated zones have yet to be formally published, large state-backed developments such as the Red Sea are widely expected to be among the first areas open to international ownership. Red Sea project sets new benchmark The Red Sea is among the most advanced of Saudi Arabia’s giga-projects. Developed by Red Sea Global, the destination spans about […]