The Real Estate Unit Classification program has revealed the key features of the development of the “Common Areas Document,” to enhance transparency and achieve a higher level of protection for owners" rights within shared real estate complexes. The document aims to regulate the real estate sector and incentivize its participants by standardizing procedures across all regions of the Kingdom in accordance with a technical guide for real estate classification, to ensure the fair distribution of common facilities and increase the percentage of Saudi families owning shares in joint real estate, with the goal of raising the ownership rate to 70% by 2030, in line with the objectives of the Housing Program (one of the programs of the Kingdom’s Vision 2030).
Requirement to Apply Technical Standards
The program clarified that the document is issued to the owner or developer of the shared property, whether it is a mixed-use property or a real estate complex, after the engineering team has completed its review of the technical plans, verified their compliance with project regulations, and identified the common areas and facilities for partition requests. The program noted that it visits real estate complexes to ensure their accurate and strict adherence to technical standards.
The program noted that the ”Common Areas Document" is issued for single-use or mixed-use real estate complexes located within a specific geographic area, and are connected to each other through common areas, such as (towers of gated residential or commercial complexes, etc.) when the real estate project is classified.
Determining the Method of Management and Calculation of Expenses
The document facilitates the association manager and owners in determining the method of managing and calculating expenses for the common areas and their maintenance, as it contains elements and tables that regulate their operation, The document also identifies the common areas of the property, making it easier for the complex’s owners, which in turn improves the quality of work and speeds up implementation within the owners" association.
After review and approval of the request for the survey minutes, this document is sent electronically to the notary public to issue title deeds for the beneficiary, As part of ongoing efforts to find regulatory solutions for the real estate market, this provides beneficiaries with a high degree of transparency and clarity in assessing obligations and rights regarding common areas
Real Estate Unit Subdivision Program Services
It is worth noting that real estate unit sorting services enable the sorting or resorting of a building or real estate complex into multiple real estate units, or the redistribution of property shares through consolidation or division, to determine all information regarding the real estate unit, including its share of the land area, common areas within the property, and usage rights. Consulting and surveying firms accredited by the program provide this service to beneficiaries (owners or developers).
