The CEO of the General Authority for Real Estate in Saudi Arabia, Abdullah Al-Hammad, revealed that foreigners will soon be allowed to own real estate in the Kingdom.

Al-Hammad said in an interview with the program "Al-Liwan" on "Rotana Khalijia" that the new system for foreigners to own real estate is in its final stages and will be issued soon, as it is broader and more comprehensive than the current system for property ownership.

He pointed out that foreigners will be allowed to own all types of real estate (commercial, residential, and agricultural), according to regulations, noting that the initial reading of the system permits foreigners to own property everywhere in the Kingdom, including Mecca and Medina, according to regulations.

Al-Hammad explained that negative effects of foreigners owning real estate were previously monitored to avoid them, and solutions were put in place for all problems and unacceptable practices, according to Saudi media.

He believed that real estate prices are high, in addition to a gap between supply and demand, confirming that the authority is not satisfied with the rise in real estate prices, and that this increase is negative for the entire real estate sector, but he stressed that the real estate market is an open market subject to supply and demand.

He added: "The rise in real estate prices is negative for all parties, as the economy is continuously moving, and the state works on enabling demand in a way that achieves economic balance for the real estate sector."

He stated that investors were harmed by the increase in real estate prices due to the rise in land prices, and landowners have become unable to move easily, and when a landowner wishes to sell, they reduce the price to be able to sell it.