<The real estate units sorting program recorded a significant increase in the sorted areas by more than 40% until the third quarter of this year 2021 compared to the same period in 2020, with an increase of more than 11.3 million m2 in the number of meters sorted for real estate units.
The program explained in a press release that the number of real estate units that were sorted exceeded 34 thousand units, within the service of sorting real estate and complexes located within a specific geographical area, so that each unit has an independent title deed and is linked to each other through common parts and facilities such as buildings, villas, towers, residential or commercial complexes, in order to enhance the regulation of the residential real estate market and raise the ownership rate of Saudi families to 70% by 2030 according to the targets of the housing program (one of the programs of the Kingdom's Vision 2030).
The “Sorting of Real Estate Units” aims to identify all information about the unit and its share of land within the common property in the property and the rights of users; to facilitate and accelerate the procedures necessary to issue the ownership document, unify and organize procedures within a unified electronic platform to preserve the rights of all beneficiaries within joint real estate projects, reduce the time period for completing the sorting process and increase the efficiency of the procedures.
The program launched in the middle of this year the “Premium Service” to reduce the completion time of sorting requests, enable them to be completed within a standard period of time, accelerate the data entry procedures by engineering offices to 70%, and raise the quality of data uploaded by engineering offices, and benefit from this service for investors from property owners, real estate developers and engineering offices to sort real estate units with independent instruments for sale or investment.<It is noteworthy that “sorting real estate units” is one of the initiatives of the Housing Program (one of the programs of the Kingdom's Vision 2030), through which buildings and real estate complexes (residential and commercial) are sorted or re-sorted into several units, to determine the real estate information and its share of the land area, common parts of the property and usage rights in a transparent and clear manner. The service is provided to the beneficiaries (owner and developer) after auditing and approving the request, and the sorting minutes are sent to the notary to authorize them to issue title deeds to the beneficiary.
The program explained in a press release that the number of real estate units that were sorted exceeded 34 thousand units, within the service of sorting real estate and complexes located within a specific geographical area, so that each unit has an independent title deed and is linked to each other through common parts and facilities such as buildings, villas, towers, residential or commercial complexes, in order to enhance the regulation of the residential real estate market and raise the ownership rate of Saudi families to 70% by 2030 according to the targets of the housing program (one of the programs of the Kingdom's Vision 2030).
The “Sorting of Real Estate Units” aims to identify all information about the unit and its share of land within the common property in the property and the rights of users; to facilitate and accelerate the procedures necessary to issue the ownership document, unify and organize procedures within a unified electronic platform to preserve the rights of all beneficiaries within joint real estate projects, reduce the time period for completing the sorting process and increase the efficiency of the procedures.
The program launched in the middle of this year the “Premium Service” to reduce the completion time of sorting requests, enable them to be completed within a standard period of time, accelerate the data entry procedures by engineering offices to 70%, and raise the quality of data uploaded by engineering offices, and benefit from this service for investors from property owners, real estate developers and engineering offices to sort real estate units with independent instruments for sale or investment.<It is noteworthy that “sorting real estate units” is one of the initiatives of the Housing Program (one of the programs of the Kingdom's Vision 2030), through which buildings and real estate complexes (residential and commercial) are sorted or re-sorted into several units, to determine the real estate information and its share of the land area, common parts of the property and usage rights in a transparent and clear manner. The service is provided to the beneficiaries (owner and developer) after auditing and approving the request, and the sorting minutes are sent to the notary to authorize them to issue title deeds to the beneficiary.
