His Excellency the Minister of Municipal and Rural Affairs and Housing, Chairman of the Board of Directors of the General Authority for Real Estate, Mr. Majid bin Abdullah Al-Hogail, expressed his thanks and gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and to His Highness the Crown Prince – may God protect them – for the issuance of the Cabinet’s decision approving the Real Estate Registration System .
Al-Haqil explained that the issuance of the system comes as an extension of the attention and support that the real estate sector enjoys in the Kingdom, with the aim of increasing the reliability of ownership, enhancing the accuracy of information about real estate, and preserving the rights of those dealing in the sector in a way that achieves the objectives of the Kingdom’s Vision 2030 programs in digital transformation, developing real estate wealth, and enhancing investment attractiveness in the real estate sector.
Unifying the supervision of the real estate registration:
Al-Haqil stressed that the role of the real estate registration system is to unify the supervision of real estate registration under one entity with ease and convenience, in accordance with the best international practices followed, and to ensure the accuracy of information and data for all types of real estate, and to build a comprehensive real estate register for all transactions subsequent to real estate registration in the unified real estate register.
Property registry including changes to property description :
The real estate registration system includes a real estate register that ensures that new property owners are notified of all changes to the property description, such as construction, additions, or modifications. The real estate registration acquires absolute validity one year after the date of publication of the owners’ lists, in addition to creating a register linked to the property records described on the map.
It is worth mentioning that the real estate registration system is an extension of the comprehensive strategy for the real estate sector and its strategic pillars, including the pillar of market efficiency, which identified the registration of lands and properties as one of the priorities, through building a real estate register for lands and properties, and giving it absolute and unchallengeable authority.
