Riyadh-Amlak
The Ministry of Commerce and Industry is studying the file for the establishment of the Higher Authority for Real Estate after it received the file in preparation for completing its requirements to follow up all procedures with all relevant government agencies, and work to accelerate the completion of the remaining stages and converge views to announce it soon.
It is planned that this authority will be concerned with everything related to the real estate sector in all its formations to be a reference for the market that has long suffered from randomness and duplication due to the lack of a single specific body through which the sector is organized, restructured, preserving its gains and addressing the defects that hinder its growth
For his part, the Chairman of the National Real Estate Committee of the Council of Saudi Chambers, Hamad Al-Shuwaier, said: ”After completing the preparation of the comprehensive specialized study on the Supreme Real Estate Authority, which was among the recommendations of the CIRC2 conference for the work of this body, and then it was presented to a number of relevant authorities, including the Ministry of Municipal and Rural Affairs, the Ministry of Commerce and Industry and the Ministry of Housing after the study was presented to the members of the Shura Council.» He pointed out that it will be announced as soon as its requirements are completed, which the Minister of Commerce and Industry Dr. Tawfiq Al-Rabeeah has initiated to follow up all the remaining stages in order for the Supreme Real Estate Authority to see the light of day soon after communicating with all parties.
The multiplicity of bodies supervising the sector hinders the work and threatens the decline and flight of investments abroad and hinders growth and this contradicts the remarkable development in dealing with the real estate sector, which is closely linked to the most important requirements of citizens, to which the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz pays full attention, especially the issue of housing.» He added: ”The Authority will work to regulate the market, which suffers from many distortions, most notably the chaos of rents and speculation on the prices of raw land without development, and the absence of a clear mechanism to develop new plans to ensure the reduction of distribution errors for vast areas without real development that includes the necessary services.»