Investment in real estate development requires local incorporation. 
"CHAPTER I - GENERAL PROVISIONS
Section 1 - Definitions [...]
— real estate developer: is a real estate developer, within the meaning of this law, any natural or legal person initiating the realization of new projects, the restoration, the rehabilitation, the renovation, the restructuring, or the reinforcement of constructions requiring one of these interventions or the development and upgrading of networks, with a view to selling or renting them; [...]" (Law n° 11-04 of 14 Rabie El Aouel 1432 corresponding to February 17, 2011 laying down the rules governing the activity of real estate development [google translation])
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"Art. 2 - Is considered as a real estate developer any natural or legal person, duly approved, who exercises the activity of real estate development as defined by law n ° 11-04 of 14 Rabie El Aouel 1432 corresponding to February 17, 2011, above. [...]
CHAPTER II - APPROVAL OF REAL ESTATE DEVELOPERS [...]
Art. 6 - No one can apply for an approval for the exercise of the profession of real estate developer if he does not fulfill the following conditions: [...]
2- For the legal entity: - be under Algerian law; [...]" (Executive Decree No. 12-84 Corresponding to February 20, 2012 setting the procedures for granting approval for the exercise of the profession of real estate developer as well as the procedures for keeping the national table of real estate developers [google translate])
Law n° 11-04 of 14 Rabie El Aouel 1432 corresponding to February 17, 2011 laying down the rules governing the activity of real estate development [google translation]
Executive Decree No. 12-84 Corresponding to February 20, 2012 setting the procedures for granting approval for the exercise of the profession of real estate developer as well as the procedures for keeping the national table of real estate developers [google translate]
[<a href="http://extwprlegs1.fao.org/docs/pdf/alg135543.pdf">Law</a>],[<a href="https://gazettes.africa/archive/dz/2012/dz-government-gazette-dated-2012-02-26-no-11.pdf">Decree</a>]