His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister—may God protect him—chaired the Cabinet meeting held Tuesday evening in Jeddah. During the session, the Council of Ministers approved allowing investors to develop zoned land and construct housing units for beneficiaries of Developmental Housing; in exchange for ownership of a percentage of the land.
The Cabinet also approved extending the deadline for rectifying the status of undocumented real estate transactions for a period of one year.
This deadline originates from the real estate transaction tax system and covers transactions that took place prior to February 14, 1442 AH, provided that the date of the transaction is proven to the competent authority and the statutory notarization procedures are completed.

This decision provides citizens with an opportunity to protect their long-standing real estate holdings, helps reduce disputes, and facilitates sales, mortgages, and financing, in addition to streamlining the transfer of real estate to heirs.