Buying a house as an expat in Riyadh

Good luck with that...report back once you succeed

Whahahah apparently I am asking for something rare? I think it will take a while for me to succeed, as you need a large amount of down payment.

One of my colleagues (Manager) purchased a single story vilka in Darul Askaan. I believe the cost was around 700K. He got the loan from Saudi Home Loans for 15 or 20 years. However he was required to clear all his financial dues (existing bank loans and credit card) plus he had to pay 10 or 12 percent down payment. After that his installment was around 6K - 7K per month.

They were actually a family of two brothers living together so it was easier for him to pay in sharing. However his brother has moved out a few months ago due to change of work place and my manager is also going to move away soon as daily long trips to the work place, schools and home particularly in current traffic situation has a toll on his health. If interested in a purchasing, I can connect you with him. Mind you, I have zero benefits.

Thanks.

AbouFoelaan wrote:

Hi all,

Is there any expat who has experience in buying a house in KSA. Can you share your experience or articles about this. Me myself was thinking about buying a house in the future once I have saved a little bit as I heard that there are downpayments that are needed for expats.

I was wondering whether it is possible to buy as an foreigner and how it works with going for (halal) mortgages and everything.

There is a provision for expats to buy land in KSA but mind you its under some exemption or you need to obtain some special permission from the concerned authorities...If you look at the long term where you would be paying 25k/ annum for rent for around 20+ years, it would be wise to own...

But I think it\s a really tedious process until you have some local contact within the ministry...

All the best...If you do succeed let us know...I'd be next in line...