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On 23 June 2026, Saudi Arabia's Cabinet approved the Executive Regulation of the Law of Real Estate Ownership by Non-Saudis — the final operational layer of the M/14 framework that entered into force in January 2026. The regulations were reported in detail by Saudi Gazette on 3 July 2026. Disposal Fee — 2% confirmed: The executive regulations introduce a 2% fee on transactions involving real estate rights acquired by non-Saudis in Riyadh, Jeddah, Makkah and Madinah. This is in addition to the standard 5% RETT that applies to all real estate transactions in the Kingdom. The base law (M/14) authorised REGA to levy a disposal fee of up to 5% — the executive regulations have set the operative rate at 2% for the four named cities. Ten exemption categories: The following transaction types are exempt from the 2% disposal fee — inheritance divisions; final court judgments; expropriation for public use; donations to endowments and government entities; return of property to its previous owner within 180 days under specified conditions; division of jointly owned property without increasing ownership shares; transactions involving diplomatic missions and international organisations under reciprocity arrangements; transfers of property to wholly owned companies or investment funds; sales of real estate units developed on foreign-owned land subject to project completion and sale deadlines. Digital portal mandatory: Before purchasing property or acquiring any real estate right in Saudi Arabia, non-resident foreign individuals must obtain a Ministry of Interior-approved digital identity, open a Saudi bank account in their own name, and register a Saudi mobile number linked to their digital identity. All financial transactions related to property purchases or disposals must be completed through electronic payment systems approved under Saudi Central Bank regulations before title deeds are transferred through the Real Estate Registry. Foreign company requirements: Foreign companies wishing to own real estate must register with the Ministry of Investment, fully disclose their direct and indirect beneficial owners, appoint a legal representative holding an approved Saudi identity, and open a company bank account in Saudi Arabia. Companies must notify the Ministry of Investment within 15 days if ownership of 5% or more changes. Family ownership rule: A foreign spouse and non-Saudi children are treated as dependents when acquiring a residential property. They cannot separately own another residence unless the son or daughter reaches the age of 25. Penalties: Up to SAR 10 million for violations including failure to register or acquisition through false representation.

The REGA Geographical Ranges portal at saudiproperties.rega.gov.sa/zones covers the full Kingdom — 8 zone categories, 125+ designated projects across all 13 administrative regions of Saudi Arabia. The scope is significantly larger than the Makkah and Madinah zones covered in the initial publication post. Riyadh City (9 projects): Diriyah Gate, King Abdullah Financial District (KAFD), King Salman International Airport, King Salman Park, New Murabba, Qiddiya, SEDRA, Sports Boulevard & Arts District, Transit-Oriented Development (TOD). TOD zone polygons are already visible on the portal map. Jeddah Governorate (57 projects): The largest single city allocation on the portal. Named flagship projects include Jeddah Central and Alarous, plus 55 numbered development zones. Full zone-level breakdown pending portal deep-dive. Giga & Mega Projects — Kingdom Level (3 projects): NEOM, Red Sea, Amaala. All three PIF-backed giga-projects are confirmed in the portal. Open to all nationalities — no religion restriction applies. Cities & Special Economic Zones (4 projects): King Abdullah Economic City (KAEC), Special Economic Zone in KAEC, Jazan Special Economic Zone, Ras Al-Khair Special Economic Zone. Al-Ula Governorate (17 zones): The most granular breakdown of any governorate on the portal — Al-Ula Zones 1 through 17. Heritage, tourism and luxury real estate designation. Largely unreported by other platforms covering the M/14 publication. Makkah City (12 projects): Ajyad Tower, Al-Manar, Jabal Omar (4250), Makkah Al-Mukarramah Zone (1), Makkah Al-Mukarramah Zone (2), Makkah Al-Mukarramah Zone (3), Makkah Towers, Masar (4325), Rou'a Al Haram Al Makki, Sumou Suburb, Thakher Makkah, Tilal Village. Muslim non-Saudi nationals only. Al-Madinah Al-Munawwarah (10 projects): Al-Ghurrah, Al-Madinah Zone (1), Al-Madinah Zone (2), Al-Mahwa, Dar Al-Hijrah, Diyar Al-Muqarr, Downtown Madinah, Knowledge Economic City (4310), Mishraf, Rua Al-Madinah. Muslim non-Saudi nationals only. Urban Boundaries: All 13 administrative regions of Saudi Arabia are included — Riyadh, Makkah Al-Mukarramah, Al-Madinah Al-Munawwarah, Al-Qassim, Eastern Region, Asir, Tabuk, Hail, Northern Borders, Jazan, Najran, Al-Bahah, Al-Jawf. Religion restriction applies exclusively to Makkah and Madinah zones — Muslim non-Saudi nationals only for direct purchase. All other zone categories — Riyadh, Jeddah, giga projects, SEZs, Al-Ula, and all urban boundary regions — are open to all nationalities with no religion restriction. Non-Muslim foreign investors retain full access to Tadawul-listed routes: Jabal Omar (4250), KEC (4310), Masar (4325) — all three confirmed in the portal.

REGA has published the Geographical Ranges portal at saudiproperties.rega.gov.sa/zones — the Geographic Scope Document that defines where foreign investors can directly purchase property under Royal Decree M/14 is now live. The portal lists designated zones across Mecca and Medina with named projects, developer logos, and interactive map polygons showing exact boundaries. Mecca designated zones (12 confirmed): Ajyad Tower, Al-Manar, Makkah Towers (MCDC), Jabal Omar, Village Hills, King Salman Gate, Path (Masar), Samou District, Mecca's Treasurer, Makkah Al-Mukarramah Region (1), Makkah Al-Mukarramah Region (2), Makkah Al-Mukarramah Region (3). The King Salman Gate polygon on the REGA map wraps the immediate perimeter of Al-Masjid Al-Haram — the highest-value land in the holy city. Medina designated zones (10 confirmed): Madinah Region (1), Madinah Region (2), The Forelock, The Vent, Downtown City, Dar Al-Hijrah, City Visions, Knowledge Economic City, Diyar Al-Muqar, Supervisor. Eligibility under M/14 remains restricted to Muslim non-Saudi nationals for direct property purchase. The zone publication does not alter the religion requirement — it only defines where eligible buyers can transact. Non-Muslim foreign investors retain access through the four Tadawul-listed routes (Jabal Omar 4250, KEC 4310, Masar 4325, Makkah Construction 4100), which have no religion or zone restriction. The portal covers additional zone categories beyond Mecca and Medina: Urban zones and spaces, Geographical scope of mega and large projects at the Kingdom level, Geographical scope of cities and special economic zones, Geographical areas of Riyadh city, Geographical areas of Jeddah Governorate, and Geographical areas of Al-Ula Governorate — these sections will be covered in subsequent SAKK.AI Intel posts. This is the event Royal Decree M/14 (21 January 2026) was waiting on. The legal framework has been in force since January. The zone map converts that framework into a purchasable asset class. REGA purchase applications at saudiproperties.rega.gov.sa can now be cross-referenced against confirmed eligible zones.

Saudi Arabia's Ministry of Investment has published a dedicated chapter in the Investor Guide 2026 titled 'Registration of Non-Saudi Companies for Property Ownership Purposes' — the first time corporate foreign property ownership procedures have been addressed with this level of detail in a standalone framework. Non-resident foreign companies can now own KSA property without establishing a local business presence or conducting economic activities in the Kingdom. Required documentation includes a commercial registration certificate from the company's home country, certified articles of incorporation translated by an accredited office, and a notarised power of attorney appointing a Saudi-based representative. Companies without a MISA-recognised ID must obtain a digital identity through Saudi diplomatic missions abroad. Annual renewals require confirmation that ownership structure and management have not changed since initial registration. The framework is available on MISA's electronic platform and applies within M/14 designated zones — the Geographic Scope Document defining those zones remains pending from REGA.

In September 2025, Crown Prince Mohammed bin Salman enacted a five-year residential and commercial rent freeze across Riyadh. Landlords cannot increase rents on existing or new tenancy contracts within the city's urban boundaries until September 2030. The freeze was introduced in response to what the Crown Prince described as unacceptable housing cost increases — Riyadh apartment prices had nearly doubled over five years, and rents rose 19.6% year-on-year in 2024–2025 according to JLL. For foreign investors, this has two distinct implications depending on investment strategy. For income-focused investors: rental income on existing leases is locked at current levels through 2030 — yield compression is capped but so is upside. The current gross yield of 8.89% (STC Real Estate Index, cited in Global Property Guide Q1 2026) is the ceiling, not a floor. For properties being leased for the first time, initial rents can be set by market agreement, after which they are frozen. For capital-growth investors: the freeze does not restrict property price appreciation, and Riyadh posted 2.9% residential price growth in 2025 despite the freeze. Prime constrained districts — Hittin, Al Malqa, Al Narjis — are expected to retain stronger value support due to limited developable land. The practical read: Riyadh remains a strong market, but investors entering for income yield need to underwrite at current rent levels with no growth assumption through 2030. Jeddah, Makkah, and Madinah are not subject to the Riyadh freeze and represent a different income profile. For investors considering Riyadh, the capital growth case is more compelling than the income case through 2030.

The Board of Directors of the Real Estate General Authority (REGA) has approved new Real Estate Marketing and Advertising Regulations under the Real Estate Brokerage Law (Royal Decree M/130, full implementing regulations at rega.gov.sa). The regulations draw a clear line between two activities for non-Saudis: brokerage — acting as an intermediary between parties in a transaction for commission — remains prohibited for non-Saudis and requires a FAL licence held by a Saudi-licensed broker. Advertising and marketing activity, however, is permitted for non-Saudis provided they obtain a Real Estate Advertising Licence from REGA and display that licence number in all content. The regulations also prohibit advertising without a licence, using REGA or government entity names and logos in marketing, publishing misleading or exaggerated property descriptions, and including contact details other than those registered with REGA. Violations carry penalties under the Real Estate Brokerage Law schedule. For foreign investors and international proptech platforms operating in KSA, this distinction is operationally significant: publishing verified property intelligence is permissible, facilitating transactions is not — without a FAL-licensed Saudi broker as the transacting party.

Royal Decree M/14, which entered force on 21 January 2026, establishes the first codified framework permitting foreign ownership of designated real estate in Saudi Arabia, specifically opening Muslim non-Saudi nationals to property acquisition in designated zones of Makkah and Madinah. The practical implementation depends on REGA's Geographic Scope Document, which maps the eligible zones and is expected in Q2 2026—this document release will be the critical unlock determining which properties foreign investors can actually purchase and at what valuations. For investors currently monitoring KSA's real estate market, this represents a structural shift: the kingdom is moving from a closed property regime to a selective, religiously-defined openness at a moment when national average gross rental yields sit at 6.84% (Global Property Guide, Q1 2026), coupled with zero income tax on residential rental income. Watch for zone publication in Q2 2026 as the signal to conduct detailed due diligence on Makkah and Madinah inventory, and meanwhile note that four Tadawul-listed routes are already open to all foreign investors today (Jabal Omar, KEC, Masar, and Makkah Construction), offering liquid exposure while direct property rules crystallize. The risk remains that final zone definitions prove narrower than anticipated or that non-Saudis' rights extend only to usufruct or time-limited leases rather than full ownership—clarification from REGA and the Ministry of Justice is essential before committing capital.

Royal Decree M/14 came into force on 21 January 2026, repealing the previous 2000 law and formally opening designated zones in Makkah and Madinah to direct property ownership by Muslim investors outside Saudi Arabia. The law establishes a new framework administered by REGA — the Real Estate General Authority — through an online portal at saudiproperties.rega.gov.sa. The critical remaining step is the Geographic Scope Document, which will define exactly which areas qualify as designated zones. Until that document is published, no direct purchase applications can be processed — but the legal foundation is confirmed and in force.

In February 2026, the Capital Market Authority eliminated the Qualified Foreign Investor (QFI) requirement that previously restricted access to Saudi Exchange-listed stocks. Any investor anywhere in the world can now open a Tadawul account directly and invest in listed Saudi companies — including the four real estate developers with significant Makkah and Madinah exposure. This change came months after Royal Decree M/14 and effectively means international buyers have an immediate, liquid, regulated route into KSA holy city real estate without waiting for zone map publication.

KSA rental yields Q1 2026: Riyadh 8.89% gross, Jeddah 7.89% gross, national average 6.84% gross — source: STC Real Estate Index (Stephane Tajick Consulting), cited in Global Property Guide Q1 2026 and Bayut KSA April 2026. Saudi Arabia charges zero income tax on residential rental earnings for individuals and zero capital gains tax on property disposals — meaning gross yield and net yield are effectively the same figure, a structural advantage over comparable gateway markets where tax materially erodes returns. Riyadh apartment rents rose 19.6% year-on-year according to JLL, driven by Vision 2030 workforce inflows, over 600 multinational regional headquarters relocations, and constrained supply in prime districts. Important context for Riyadh income investors: a five-year rent freeze enacted by Crown Prince Mohammed bin Salman in September 2025 locks existing and new lease rents within Riyadh's urban boundaries until September 2030 — rental income growth is capped for that period. The 8.89% current yield is therefore the ceiling on income return for existing Riyadh leases through 2030, not a compounding base. Jeddah (7.89%), Makkah, and Madinah are not subject to the Riyadh freeze and present a different income trajectory. The KSA national average of 6.84% (Global Property Guide, Q1 2026) is the most conservatively sourced single figure and the appropriate benchmark for cross-market yield comparisons.

The Geographic Scope Document is the official map of designated zones in which foreign investors can directly purchase property under Royal Decree M/14. REGA is expected to publish it in Q2 2026. The moment it drops, the designated zone boundaries become public, eligible properties can be formally identified, and purchase applications at saudiproperties.rega.gov.sa can be submitted. This document is the single most important regulatory event in KSA real estate for foreign investors since M/14 itself — it converts a legal framework into a purchasable asset class. SAKK.AI monitors the REGA portal directly and will post the moment any change is detected.

Four Tadawul-listed developers give international investors direct exposure to Makkah and Madinah real estate today — with no zone restriction, no religion requirement, and no waiting for REGA zone map publication. Jabal Omar Development (4250) owns 46 towers adjacent to Al-Masjid Al-Haram with 21,000 hotel rooms operated by Marriott, Hilton, Hyatt and Conrad. Knowledge Economic City (4310) is based in Madinah and open to all nationalities. Masar Destination (4325) is developing a SAR 50 billion mixed-use project 550 metres from Al-Haram. Makkah Construction (4100) covers the Ajyad zone with hotel and commercial assets. Following the CMA's February 2026 QFI elimination, any investor worldwide can access these via a standard Tadawul brokerage account.

The Public Investment Fund signed a landmark MoU with JLL in early 2026 to advance Saudi real estate market standards — covering market transparency, data sharing, and investment facilitation across major KSA cities. For foreign investors, this matters because institutional capital from sovereign funds and global real estate firms acts as a market validator. When JLL commits to systematic data partnership with PIF, it signals that international investment infrastructure is being built — valuations become more reliable, market data more transparent, and exit liquidity improves. The estimated $6.3 billion in foreign capital that has been waiting for zone map publication from REGA is significantly de-risked by this kind of institutional framework development.