Riyadh—Amlak
The General Secretariat for the Sale of Off-Plan Real Estate Units at the Ministry of Commerce and Industry has launched a service for applying for a license to engage in the sale of real estate units in real estate development projects, coinciding with the Riyadh Real Estate, Housing, and Urban Development Exhibition, which recently concluded recently in Riyadh.
Abdullah bin Saud Al-Dahim, Advisor to the Minister of Commerce for Real Estate Development and Secretary-General of the Off-Plan Sales Committee, said that the Ministry is currently working on licensing real estate development projects. Over the past period, the committee has granted licenses to a number of these projects to sell their real estate units off-plan, with licenses issued for twenty-five projects in several cities across the Kingdom, with a total of more than eighteen thousand real estate units valued at over nineteen billion riyals.
The Ministry of Commerce and Industry is currently working to enforce the regulations governing the sale of off-plan real estate units, which were issued by a Cabinet decision to cover all residential, industrial, commercial, office, service, and tourism real estate activities. These regulations were amended, require that any activity involving the sale, advertising, or marketing of off-plan real estate units must obtain a license from the committee formed within the Ministry of Commerce and Industry to enforce these regulations. This will help boost confidence in the real estate market, as well as stimulating diverse real estate development activities, providing channels of support and financing for real estate development projects, and ensuring the protection of the rights of all parties.
Al-Dahim added that, by adopting such regulations related to the real estate market, the Ministry aims to contribute to increasing the supply of real estate units, strengthen confidence in the real estate market, stimulate diverse real estate development activities, and provide channels of support and financing for real estate development projects, in addition to providing safeguards to protect the rights of all parties.