The Ministry of Investment has invited the public to express their views on the draft real estate ownership system through a survey platform. <The project aims to regulate and protect the rights of ownership and use of real estate and the conditions of disposal, in addition to establishing general principles for the protection and regulation of real estate wealth in the Kingdom, and creating a regulation that contributes to a comprehensive organization of legislation in the real estate sector.
<The project also aims to allow foreign investors to own and invest in real estate and clarify the right of usufruct in the cities of Makkah and Madinah.
<The draft law defines 8 real estate transactions, namely: Sale, barter, loan, lease, mortgage, endowment, gift, and reconciliation, where the exercise of any of these rights on the property requires compliance with the statutory controls and procedures governing the license to practice the activities and purposes that the owner wishes to carry out and the procedures governing their registration.<The draft law establishes 8 reasons for a natural or legal person to own a property, namely: Provision by the ruler (granting), exchange of the property for consideration (sale contract), inheritance, will, gift, disposal of investment in the property in accordance with the regulations and procedures governing the exploitation of state properties, judicial rulings that have gained finality, and forced judicial enforcement.
<He pointed out that the ownership of the property, real estate unit or in-kind rights is transferred by one of these reasons and is not valid until it is documented in the real estate registry, in accordance with the provisions of its regulations.
For details enter via the link: https://istitlaa.ncc.gov.sa/ar/Trade/Misa/realestate/Pages/default.aspx
