The Ministry of Municipal, Rural Affairs and Housing revealed on Tuesday the inclusion of new real estate development activities subject to classification under the National Classification of Economic Activities based on ISIC 4.
The new activities subject to classification include the purchase, sale and subdivision of land and real estate, off-plan sales activities, management and leasing of owned or leased residential and non-residential properties, as well as real estate development of both residential and commercial buildings with modern construction methods.
Real estate development.
The Ministry explained that this step comes to support and develop the real estate development sector and increase its effectiveness, and encourage real estate developers to provide an integrated housing and investment environment, in addition to ensuring the application of technical and financial standards that contribute to verifying the possibility and ability of the real estate developer to implement projects to improve the quality of performance.
The Ministry stressed that the addition of these new activities for real estate development came in light of its keenness to achieve financial inclusion, improve investment opportunities and allow companies to contribute to the development of the real estate market, to regulate practices and facilitate the activities of the real estate development sector in the Kingdom of Saudi Arabia, as well as contribute to improving the urban landscape and improving the lives of citizens.
