The question of can expats buy property in Riyadh is common among expats in Saudi Arabia. There are many reasons for considering if it is an intelligent decision. Many expats need help to finance this step. On the other hand, there are a lot of restrictions when buying a house in this country. If you have decided to invest in real estate, you should inform yourself about it before hiring packers and movers in Saudi Arabia.
Can expats buy property in Riyadh?
You can buy a property in cash, so make sure to have the required amount readily available. Taking out a mortgage is also an option. Remember that it is a complicated process for expats, with many hoops to jump through.
Procedures for buying property in Riyadh
Expats looking to buy property in Riyadh must request authorization from the Ministry of Housing. The procedures can be long and tedious; in some cases, these can take up to a year. You can do it after you have hired international movers and packers in Riyadh. Once you get this authorization letter, you can contact the seller to continue the process.
Firstly go to the Notary Public Department
The buyer conducts the procedure to verify the details of the property. To access this information, the buyer requires authorization from the seller. This procedure is done to obtain an official detailed description of the property and check if any encumbrances are registered there. You can rent a warehouse Riyadh to keep your stuff safe during that time.
The notary will check if there are issues
Parties first check in at the front desk and are given a room number for the transfer. The notary then retrieves the necessary documents, does a final check, and approves the transaction and the change of owner’s name. The buyer then hands the bill to the seller.
Is buying property in Saudi Arabia worth it?
Buying property is always a personal decision, guided by various factors. However, expats in Saudi Arabia rarely choose to purchase real estate in the country. There are a lot of reasons for that.
Why consider buying property in Saudi Arabia?
First, most foreigners residing in the capital are here on work contracts. It means that they do not plan to stay in Saudi Arabia forever.
- They rarely plan to move to Saudi Arabia for good and prefer to focus on work, savings, and making investments back home.
- With a good sea freight from China to Saudi Arabia, they can transport their items easily to their new home.
- The most popular reason why to ask can expats buy property in Riyadh are high property prices and related administrative complications.
Is renting a better option?
Foreign property buyers need first to get approval from the Ministry of Housing. Plus, there are also restrictions in place on where expats can buy property. Housing in Mecca and Medina is strictly off-limits. This is why most expats settled in Saudi Arabia prefer to rent. It is essential since most prominent cities in the country offer convenient compound living for new residents. The question is not can expats buy property in Riyadh, but if they should do it.
