Saudi Arabia has approved a framework allowing investors to develop residential projects under a partial land ownership system, as part of efforts to boost investment in the housing sector and expand access to home ownership.
The decision was approved during a Cabinet meeting in Jeddah on Tuesday, chaired by the Crown Prince of Saudi Arabia, Mohammed bin Salman.
Officials said the new framework is expected to provide real estate developers greater flexibility by enabling residential projects to be built under a partial ownership model.
The government says the move is intended to support the development of integrated housing communities while creating new opportunities for investment in the property market.
The Saudi Arabia Cabinet said the measure forms part of the kingdom’s efforts to modernize the real estate sector, increasing private sector participation and improving housing access, in line with the goals of Saudi Vision 2030.
The government of Saudi Arabia has yet to provide further details on the implementation timetable or eligibility criteria for the new ownership model.
