Saudi Gazette report RIYADH — Statistics revealed by the Ministry of Justice show that Gulf real estate investors signed 2,940 real estate deals in Saudi Arabia during the past year, Al-Eqtisadiah newspaper reported. In the Eastern Province, 624 real estate deals were signed in Hafr Al-Batin governorate alone. This was followed by Al-Ahsa where 103 real estate deeds were signed, Al-Khobar with 100 deeds and Al-Zulfi with 48 deeds. Six deeds were signed in Hotat Sudair and Al-Ras and Irqah had three deeds each. Finally Haradh and Al-Aflaj had two signed deeds each. Property ownership is one of the 10 streams of the Gulf Cooperation Council (GCC) market. According to the 2001 economic agreement, all GCC citizens have equal economic rights in any of the GCC member states and shall be treated equally. The Ministry of Justice allows GCC citizens to buy or rent residential or commercial properties in Saudi Arabia with some conditions. According to the ministry, non-Saudi GCC citizens may own properties by will or inheritance. If the property is a plot of land, then the buyer must build on it within four years to become a full owner. This time limit may be extended if approval is sought from the ministry. If the property is a building, then the owner has the right to do as he wishes with his property. The ministry has also restricted non-Saudi GCC citizens from owning properties in the holy cities of Makkah and Madinah.
