The Ministry of Public Investment has invited the public to share their opinions on the draft real estate ownership regulation via a survey platform, with a deadline of August 10, 2021.

The draft law aims to regulate and protect real estate ownership rights, usufruct rights, and conditions for disposing of real estate, in addition to establishing general principles for the protection and regulation of real estate assets in the Kingdom and creating a framework that contributes to a comprehensive regulation of legislation in the real estate sector. 

The draft law also aims to allow foreign investors to own and invest in real estate and to clarify the right of usufruct in the cities of Makkah and Madinah.

The draft law specifies eight real estate transactions: sale, barter (exchange), loan, lease, mortgage, waqf, gift, and settlement. Exercising any of these property rights requires compliance with regulatory controls and procedures governing the licensing of the activities and purposes the owner wishes to pursue, as well as the procedures for registering them.

The draft regulation sets forth eight grounds for a natural or legal person to acquire real estate: grant by the ruler (donation), exchange of real estate for consideration (sale contract), inheritance, a bequest, a gift, investment in real estate in accordance with the regulations and procedures governing the use of state-owned real estate, final and binding court judgments, and compulsory judicial enforcement.

He noted that ownership of real estate, a real estate unit, or rights in rem is transferred through one of these grounds and is not valid until it is recorded in the Real Estate Registry, in accordance with the relevant regulations.

For details, visit the following link: https://istitlaa.ncc.gov.sa/ar/Trade/Misa/realestate/Pages/default.aspx