has been real estate supported by the introduction of real estate investment trusts (REITs) market which has witnessed a significant growth in the number of REITs, although this is yet to achieve its full potential despite some shortages in both residential and commercial real estate. A number of regional experts believe that most issues will be resolved as the market becomes more mature. Real estate plays a fundamental role in the country's non-oil economy. In 2016, the value of real estate transactions including sales of existing units amounted to $74.91 billion from 15 October to 16 September. That is a major drop compared to the number of transactions recorded a decade earlier, which reached $239.93 billion. The real estate sector has been driven recently by strong local demand fundamentals and only a small amount of speculation. Ownership of land property in Saudi Arabia is generally restricted to Saudis, but this is subject to certain qualifications. For example, Gulf Cooperation Council ('GCC') nationals and GCC companies have certain rights to own land, subject to a number of restrictions. Foreigners (being non-GCC nationals) are entitled to ownership and investment in real estate with some conditions. A foreign company needs to have a foreign investment license from the Saudi Arabian General Investment Authority ('SAGIA') and the owned real estate must be related to a particular investment project for property development. Where a foreign individual needs to have normal legal residency status and a permit from the Ministry of the Interior to own land or property. The major expansion in this sector attracted the top real estate consultancies such as Jones Lang LaSalle, Knight Frank and Cluttons to the country who have now opened offices in the country. Beyond this, demand for professional real estate services is attracting regional educators such as DREI to provide courses on Saudi real estate, and even dedicated books focused on the market such as Saudi Real Estate Companion. Real Estate plays an important role in the Saudi Vision 2030 which maps out significant commitments by the Saudi Government relating to housing and the development of land for a variety of uses. In particular, Vision 2030 states: 'Where it exists in strategic locations, we will also capitalize on the government's reserves of real estate. We will allocate prime areas within cities for educational institutions, retail, and entertainment centers, large areas along our coasts will be dedicated to tourist projects