Statute of Real Estate Ownership by Gulf Cooperation Council (GCC) Nationals within Member States for Residential and Investment Purposes

GCC nationals, whether natural persons or legal persons (fully owned by GCC nationals), may lease and own buildings and lands for residential or investment purposes in any GCC member state through lawful ownership, or by bequest or inheritance. Such persons shall, in this regard, be treated as nationals of the member state wherein the property is located.

If the real estate is a land, the owner shall complete its construction or exploitation within a period of four years commencing from the date of registering it under his name; otherwise, the member state wherein the real estate is located may dispose of it and pay the owner a compensation equal to its value on the date of its purchase or sale, whichever is less, without prejudice to the owner’s right to file an objection with the competent authority of the member state. Such state may extend the period if it accepts the reasons for the owner’s delay.

The owner may have the right to dispose of a real estate at any time if it is a building. However, if it is a land, the owner may only have the right to dispose of it from the date of completing its construction or exploitation, or upon the lapse of four years from the date of registering it under his name. As an exception, the owner may dispose thereof prior to the lapse of said period upon obtaining the approval of the competent authority in the member state.

This Statute shall not prejudice the right of the member state wherein the real estate is located to expropriate it for public use upon payment of a just compensation to the owner in accordance with the laws applicable to its nationals.
This Statute shall also not prejudice the right of the member state to limit the ownership or use of real estate in certain areas or sites. However, real estate located within Makkah and Madinah shall not be subject to the provisions of this Statute.

This Statute shall not prejudice any more favorable rights in effect at the time of its approval or rights granted in the future by all or certain member states. Statute of Real Estate Ownership by Gulf Cooperation Council (GCC) Nationals within Member States for Residential and Investment Purposes

1. This Statute shall supersede the Statute approved in the 20th Session of the Supreme Council.
2. This Statute shall enter into force three months following the Supreme Council’s approval, and shall be reviewed three years after its implementation.
3. The interpretation of the articles of this Statute shall be entrusted with the Financial and Economic Cooperation Committee.